Contributor: Michael Cowden

In a Final Thoughts las week, I asked “Got Steel?” And if you’re looking for spot tons in June, the answer still isn’t obvious.

The flat-rolled steel market looks poised for continued gains despite widespread concerns about higher freight costs stemming from the Iran War, according to SMU's latest steel market survey.

Service centers held only 2.24 months of supply (49.3 days of supply) of sheet products in March, according to our latest figures. If you check our archives, you’ll see that's the lowest sheet inventories we’ve seen since June 2021 – which was hardly a bad year for steel.

Nucor announced its fuel surcharge for plate will be at least $10 per short ton, effective with shipments beginning May 1.

Sheet and plate prices increased yet again this week on an increasingly tight spot market. It's gotten so tight that some market participants say they're becoming more concerned about availability than about price.

Ken Simonson, chief economist for The Associated General Contractors of America (AGC), will join SMU for a Community Chat webinar on Wednesday, April 15, at 11 a.m. ET.

Remember the “Got Milk?” advertising campaign of the 1990s. Maybe we should start a “Got Steel?” campaign. Or maybe “Got Spot Tons?” would be more accurate, if less catchy.

What a local media report described as an "explosion" on Friday night at U.S. Steel's Gary Works in Northwest Indiana has not disrupted production or resulted in any injuries, that company said.

Ken Simonson, chief economist for The Associated General Contractors of America (AGC), will join SMU for a Community Chat webinar on Wednesday, April 15, at 11 a.m. ET.

Algoma Steel aims to increase plate prices by US$60 per short ton (CA$80/st), effectively immediately, according to a letter to customers dated Thursday.

More people expect hot-rolled (HR) coil prices to continue to climb. And most respondents to our last survey predict that prices will hit or even breach the $1,100 per short ton (st) threshold.

Sheet and plate prices continued to hold steady or tick upward once again this week. And the factors behind the gains are familiar ones: limited spot tonnage, stable demand, limited import competition, and outages (planned or otherwise) at domestic mills.

Nucor plans to increase its list price for hot-rolled (HR) coil to $1,040 per short ton (st), up $5/st from last week.

At least two major US plate producers - SSAB Americas and Nucor - plan to increase plate prices by at least $60 per short ton (st).

If I had to sum it up, I’d say “pain at the pump” is back. AAA says gasoline now averages more than $4 per gallon nationally ($4.08 to be precise) for the first time in for years. Meanwhile, diesel prices average $5.40 per gallon, according to the US Energy Information Administration. That’s up $1.81 per gallon from a year ago.

Sheet and plate prices were flat or modestly higher this week, continuing a trend we’ve seen since the beginning of Q4. The big question: How much longer can the trend hold?

U.S. Steel has confirmed the restart of the B blast furnace at its Granite City Works near St. Louis.

Could we see prices continue to inch higher, plateau, and then start to slide back? A lot hinges on whether and how long it takes mills to catch up on orders.

Ken Simonson, chief economist for The Associated General Contractors of America (AGC), will join SMU for a Community Chat webinar on Wednesday, April 15, at 11 a.m. ET.

Sheet prices continue to inch higher. And people who once thought hot-rolled coil (HR) prices couldn’t go above $1,000 are now saying $1,100 doesn’t seem out of the question.

The US steel market is already characterized by high prices and tight supplies, and I wouldn't be surprised if prices move higher and supplies get even tighter – at least in the short term.

SMU's sheet and plate prices were flat or higher this week in a US market that remains characterized by extended lead times and limited spot availability.

Prices are moving up and lead times moving. And most people expect them to continue to do so for a little while longer, according to our latest survey results. But there is one big wildcard: the Iran war.

Join SMU and AMU for a Community Chat on Wednesday, March 11, at 11 a.m. ET with George Adams, CEO of SA Recycling.

Let’s say the going price for HR is around $1,000/st. Want to place a 1,000-ton spot order at that price? Good luck. It probably won’t be easy.

Reuters on Monday quoted Worthington Steel President and CEO Geoff Gilmore as saying the company has alternative targets if its deal to acquire Germany-based service center group Kloeckner & Co. doesn't happen.

The United Steelworkers (USW) union swore in Roxanne Brown as its new international president on Sunday.

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.

Even folks who had been firmly in what I’ll call the “February peak” camp now seem to agree that sheet and plate prices could move higher for longer than they anticipated.

The steel community recognizes and honors the remarkable legacy of John C. Bates, Sr., whose 60-year career helped shape Heidtman Steel and left a lasting impact on the metals industry.