Contributor: Kristen DiLandro

As spot prices for hot- and cold-rolled coils edge higher, mill capacity utilization rates hover below 80%, raising concern among some market participants.  

The UK will reduce steel import quotas and raise outside caps to 50%.

The Canadian government has placed limits on salaries, bonuses, and other forms of compensation for top executives at Algoma Steel, according to a local media report.

This week sources said spot prices on hot-rolled coils increased modestly. 

Domestic plate market participants expressed confidence in the overall improvement of market conditions this week.  

Nucor Plate Group notified customers it is increasing prices on all rolled products by $40 per short ton (st) and $60/st on all heat treat products.  

Worthington Steel reduced its minimum acceptance threshold to 57.5% for its purchase of Kloeckner & Co.  

Nucor’s consumer spot price (CSP) for hot-rolled coil increased to $1,010 per short ton (st), up $5/st from last week. 

Participants in the US hot- and cold-rolled sheet market cautiously called the week a win as prices inched north and demand picked up.  

Plate sources say they’re welcoming imports as domestic mill delivery delays, extended lead times, and climbing prices make fully adopting US-produced plate products unrealistic.  

Economic activity across the US increased at a light-to-modest pace in seven of the 12 Federal Reserve Districts, according to the US Federal Reserve’s latest Beige Book report.  

The American Metals Supply Chain Institute (AMSCI) said increasing insurance premiums, potential vessel diversions, and contractual risk evaluations began in the global freight market as geopolitical conflict escalates in the Persian Gulf region.  

Iron ore shipments on the Great Lakes reached 2 million short tons in January. 

Sources in the domestic hot- and cold-rolled coil market said they are beginning to feel prices creeping up this week.  

Plate industry sources said the market has been characterized by three factors lately: fewer domestic mills willing to fulfill spot buys, inconsistent lead times, and erratic demand.

US hot-rolled coil prices are set to rise year on year in 2026, but the market will face heightened volatility as import flows recover and new domestic capacity comes online, CRU Research Principal Josh Spoores said at this year's Tampa Steel Conference. 

SMU sits down with JSW Steel USA CEO Rob Simon.

Steelforce Packaging restructured its North American operations into an entity it now calls Steelforce America. Brion S. Talley will lead Steelforce America as its CEO.

Participants in the domestic sheet market say they experienced lighter inquiries and fewer orders than in previous weeks, rendering domestic mill price increases for spot-market hot- and cold-rolled coils irrelevant.  

The galvanized steel market is navigating price increases and longer lead times with a surer footing than in prior months.  

Once wintery weather gives way to sunnier spring conditions, plate sources foresee the market accepting the $50-60 per short ton spot price increases issued by Nucor Plate Group, Oregon Steel Mills, and SSAB. 

The chief executives at Worthington Steel and Kloeckner Metals weren’t coy about hitting aggressive near-term financial targets in their fireside chat at the Tampa Steel Conference last week.  

The US House of Representatives voted on a resolution on Wednesday, Feb. 11, to disapprove of President Trump's national emergency declaration that led to the imposition of tariffs on Canada. 

Nucor on Friday announced plans to increase plate prices by $50 per short ton (st).

Plate production for the construction of the Polar Max Icebreaker is underway at Algoma’s Sault Ste. Marie facility in Ontario.  

The United Steelworkers (USW) Local 1123 has ratified a four-year labor contract with Metallus effective Feb. 5.

Plate market participants expect domestic producers to issue a $40-60 per short ton (st) price increase.

Recent winter storms have impeded barge transportation along multiple Midwestern waterways, according to various transportation services. Likewise, U.S. Steel said it was facing challenging shipping conditions but does not expect customers to be impacted.

Sheet market participants said conditions this week were more stable than in past weeks, but they remain cautiously optimistic overall.   

U.S. Steel plans to restart Battery #13 at its Clairton Coke Works on Feb. 5. Battery #13 was one of the batteries hot idled since a lethal explosion at Clairton on Aug. 11, 2025.