Most steel buyers who responded to our market survey this week reported that mills are holding a firm grip on sheet and plate prices. The share of buyers reporting that mills were negotiable fell to the lowest rate seen in almost five years. Negotiation rates for three sheet products are down to multi-year lows.
Sheet prices and plate prices continued their relentless march higher over the last week as more participants said they were effectively on allocation, especially when it comes to hot-rolled (HR) coil.
Nucor said on Monday, Aug. 17, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,170 per short ton (st) for the week, a $10/st increase from a week earlier.
The spread between hot-rolled (HR) and galvanized coil has widened over the last month. As of Tuesday, Aug. 11, the gap stood at $230 per short ton (st), up $30 from $200/st on July 14 and a $10 increase from the prior week’s $220/st. On Aug. 12, 2025, the spread was $145/st.
CRU analysis of trade policy's impact on markets in China, US, Europe, India, and Southeast Asia.
Foreign steel remains sharply competitive, inventory levels are mostly steady, and demand is strengthening, according to SMU's Aug. 7 market survey. But buyers are more selective than earlier in the year, even as pricing momentum continues to push spot levels higher.
The spread between domestic hot-rolled coil and prime scrap prices widened again in August, a trend that began nearly a year ago.
SMU’s average price for domestic hot rolled was unchanged week on week at $1,180 per short ton. In offshore markets, prices mainly moved up.
The domestic plate market is increasingly constrained as lead times spill well into Q4 and mills talk allocation. Speaking with buyers across the US, from the Midwest and East Coast to the South and West, there’s a shared theme: What spot tons?!
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. We are sharing a selection of the comments we received below, in each buyer’s own words.
Sheet and plate prices either held their ground or increased this week amid what remains an historically tight spot market.
Nucor upped its consumer spot price (CSP) for hot-rolled coil by $5/st to $1,160/st for the week of Aug. 10.
After a brief delay in regional scrap buying, things are now virtually complete. There was some suspense during the middle of the week that a surprise in scrap prices from the larger mills was in store. Ultimately, however, nothing very dramatic happened.
Recent conversations with some hot-rolled coil spot market participants revealed spiking stress levels amidst a tightening supply of the steel sheet product.
The US domestic scrap market seemed to get off to a fast start on Tuesday, but things have begun to get drawn out again as mills are still considering August pricing. Several of the larger multi-mill buyers have not officially settled.
In recent conversations, some participants predict mill maintenance outages and scheduled updates will crimp an already constricted market.
Most steel buyers report that mills are unwilling to budge on new sheet and plate spot order prices this week. Negotiation rates have been low for most of this year, having recently fallen to one of the lowest measures recorded in almost five years.
SMU’s average price for domestic HR rose to $1,180 per short ton (st) this week, $15/st higher vs. the prior week. In offshore markets last week, prices mainly moved up.
Sheet and plate prices continue to rise on extremely limited spot availability, long lead times, and solid demand, according to market participants.
The August domestic scrap market looks like it might settle early amid continued strong demand for melting stock from domestic steelmakers and high prices for finished steel.
Nucor increased its consumer spot price for hot-rolled coil to $1,155 per short ton for the week of Aug. 3, up $10/st from last week.
This item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com. Chinese steel export prices remained rangebound on persistently weak demand. Indian hot-rolled (HR) coil export prices fell amid elevated freight rates and European caution, while Turkish HR coil export prices came under pressure from EU quota exhaustion. […]
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
Hot-rolled coil market participants continue to see spot prices rise alongside the popularity of the beloved, short-spined Seattle raccoon this summer.
SMU’s sheet and plate price indices were steady to higher this week, with all products at multi-year highs.
Speaking on the company’s second-quarter earnings call, executives described a sheet market defined by broad-based demand, disciplined pricing behavior, and a structural shift in customer buying patterns.
Nucor said its hot-rolled coil consumer spot price will be $1,145 per short ton for the week of July 27, up $10/st.
Sources across the hot-rolled coil spot market said it was somewhat easier to find spot HR, at moderately shorter lead times, and at stable prices in recent days.
Cleveland-Cliffs Inc. narrowed its losses in the second quarter thanks to increased demand, higher prices, longer lead times, and limited import competition.
The majority of steel buyers responding to our market survey this week report that mills are holding a firm grip on prices