Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
A look at SMU data for the month of June.
Sheet and plate prices were little changed in the shortened week ahead of Independence Day, according to SMU’s latest check of the market.
Following the uptick seen two weeks ago, lead times eased this week for all four sheet products tracked by SMU, while plate lead times held steady, according to this week’s market survey.
The majority of steel buyers responding to our latest market survey say domestic mills are more willing to talk price on sheet and plate products than they were earlier this month. Sheet negotiation rates rebounded across the board compared to early June, while our plate negotiation rate hit a full 100%.
Prices for steel sheet slipped this week despite Section 232 tariffs remaining at 50% and a US strike on nuclear facilities in Iran over the weekend.
Nucor maintained its weekly list price for hot-rolled (HR) coil this week, following two consecutive increases.
Steel prices inched higher again this week across most of the sheet and plate products tracked by SMU.
Nucor raised its published weekly spot price for hot-rolled (HR) coil by $10 per short ton (st) on Monday.
All five of the averages for sheet and plate mill lead times tracked by SMU extended moderately this week, according to buyers responding to our latest market survey.
Most steel buyers responding to our market survey this week reported that domestic mills are considerably less willing to talk price on sheet products than they were in recent weeks, but remain open to bargain on plate prices.
The amount of finished steel that entered the US market in April declined 3% from March but remained at elevated levels, according to SMU’s analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.
Steel prices climbed for a second straight week across all five sheet and plate products tracked by SMU.
US steel exports totaled 579,000 short tons (st) in April, according to US Department of Commerce data. That's the lowest monthly volume recorded since July 2020.
Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, June 11, at 11 am ET. It’s free to attend.
April now represents the third-lowest monthly import rate witnessed in nearly two and a half years, with several steel products falling to multi-year lows
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.
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through May 30.
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.
Most steel buyers responding to our latest market survey report that domestic mills are willing to talk price to secure new orders. Mill negotiability has continued to rise across all sheet and plate products we track, now at some of the highest levels recorded since late 2024.
Sheet and plate prices marginally declined again this week for the second consecutive week, pausing the strong downward trend seen from April through early May.
Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).
One cause of this was increased competitiveness from imports that have put pressure on some domestic producers.
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.
Sheet and plate lead times declined across the board this week, according to buyers responding to the latest SMU market survey. While our lead time ranges were unchanged compared to mid-April levels, average production times for each steel product we measure have declined from they were two weeks ago.
Domestic mills are largely negotiable on spot prices, according to the majority of steel buyers responding to our latest market survey.
Flat rolled = 57.6 shipping days of supply Plate = 54.5 shipping days of supply Flat rolled US service centers’ flat-rolled steel supply edged up in April, as shipments slowed. At the end of April, US service centers carried 57.6 shipping days of supply, according to adjusted SMU data. This is up from 56.4 shipping […]
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.
Nucor lowered its weekly spot price for hot-rolled (HR) coil for a second straight week, down $10 per short ton (st), after keeping it in a holding pattern for most of April.