Following eight consecutive weeks of declines, sheet and plate prices saw some upward movement this week in the wake of last Friday’s Section 232 tariff increase announcement. Gains varied by product.
Mill lead times shrunk this week for all of the sheet products tracked by SMU and held steady on plate, according to buyers responding to our latest market survey.
Coated sheet imports from Vietnam face steeper anti-dumping duties after Commerce recalculated the rates due to ministerial errors.
According to our latest analysis, prices for four of the seven steelmaking raw materials we track increased from April to May. However, select materials saw a collective 1% decline month over month and are down 4% compared to three months ago.
Sure, demand isn’t as good the market had hoped it would be earlier this year. But assuming it doesn’t fall of a cliff, buyers will have to restock at some point. And that might give domestic mills enough leverage to raise prices again.
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
Steel buyers said Nucor’s price decrease was a public acknowledgement of what most of the market had already known - that sheet prices were moving lower in a more significant way. The question now is whether mills and service centers will manage the decline or whether prices might fall rapidly, they said.
Sheet and plate lead times held steady this week, according to buyers responding to the latest SMU market survey. This week we saw little change from mid-April levels, with just one product (Galvalume) showing any significant movement.
Nearly two thirds of the steel buyers who responded to this week’s SMU survey say domestic mills are negotiable on spot prices. This increasing flexibility marks a significant shift from the firmer stance mills held in recent months.
Most sheet and plate steel prices declined yet again this week, with four of SMU’s five indices moving lower.
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.
Steel buyers responding to this week’s SMU market survey report a continued softening in sheet lead times. Meanwhile, plate lead times have moderately extended and are at a one-year high.
Nearly half of the steel buyers responding to this week’s SMU market survey say domestic mills are showing increased willingness to negotiate pricing on new spot orders. This marks a significant shift from the firmer stance mills held in prior weeks.
Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.
This week is the first time all of our indices have moved lower in unison since July 2024.
The Commerce Department has made a preliminary determination that ‘critical circumstances’ exist for certain imports of corrosion-resistant (CORE) flat-rolled steel from the United Arab Emirates (UAE). Commerce decided that critical circumstances did not apply to CORE from South Africa. The department also found that critical circumstances did not apply to CORE from UAE producers Al-Ghurair Iron & Steel LLC and United Iron & Steel Company LLC.
Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.
A personal perspective on Galvalume prices from SMU analyst Brett Linton.
SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.
After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.
Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.
Ternium Mexico wants the Commerce Department to delay making its final decision in the ongoing corrosion-resistant steel dumping investigation.
Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.
One buyer summed up the prevailing sentiment: “Everything is pointing up — pricing, sentiment, order activity. But the real test will come once the immediate reactionary buying subsides. Will there be enough true demand to support these levels through mid-year? That’s the big unknown.”
"Recent activity in the marketplace strongly indicates that these imports are being rushed into the United States in an effort to avoid the imposition of antidumping duties," petitioners said.
Mills’ flexibility on price for spot orders has taken a nosedive to levels not seen since the end of March 2023.
U.S. Steel has increased prices for flat-rolled steel by at least $50 per short ton (st), according to market participants. The Pittsburgh-based steelmaker now seeks a minimum of $850/st for hot-rolled (HR) coil. And it seeks at least $1,050/st for cold-rolled and coated base prices, they said.
Each of the steel product prices tracked by SMU saw significant increases this week. All four of our sheet price indices rose by $30-50 per short ton (st) on average. Plate prices popped $60/st compared to the week prior.
Steel mill negotiation rates have declined in each of our last two surveys; this week’s rate is the lowest recorded since March 2024.