US sheet and plate prices are moving higher as mills seek premiums for limited remaining 2026 spot tonnage, according to Steel Market Update (SMU). The outlet’s average hot-rolled coil assessment reached $1,290 per short ton, an increase of $10 from the previous week. Cold-rolled and coated steel prices also advanced, although the supplied report did not provide complete assessments for those products.
The pace of hot-rolled coil increases has accelerated since the summer. SMU said weekly gains averaged $5 per short ton during July and August, with some weeks unchanged and the largest increase at $15. During September and October to date, prices rose each week, averaging an increase of $11.25 per short ton and reaching weekly gains of as much as $20.
Demand indicators also strengthened. SMU’s Steel Demand Index climbed to 64.5 in mid-October from 61.5 earlier in the month. Although below the five-year peak recorded in mid-September, the latest reading was 27 points above the year-earlier level of 37.5. SMU said the results pointed to broadly improving flat-rolled demand alongside restricted domestic supply. The index has remained in expansion territory since late November 2025.
The Federal Reserve’s 14 October Beige Book, cited by SMU, showed manufacturing improvements across several districts but an uneven national picture. Cleveland District steel producers reported solid spot demand, supported by data centre, power-generation, defence and aerospace projects. Extended mill delivery times were keeping customer stocks low and prices elevated. Producers also reported increased orders from truck-trailer and light-vehicle manufacturers.
Automotive production nevertheless remained mixed. GlobalData figures reported by SMU put September North American assemblies at 1.314 million units, down 2.2% from August as weaker commercial vehicle production outweighed broadly stable personal vehicle output. Assemblies were 4% below September 2025 but 2.7% above the 2026 monthly average of 1.28 million units. Production remained well below pre-pandemic levels despite gains earlier in the year.