U.S. steel prices continue to search for a bottom, although the pace of declines began to slow as August saw the smallest month-over-month percent decrease since May. Nonetheless, by early September, hot rolled coil prices fell beneath the $800/st mark for the first time since December 2020. Plate prices also trended downward last month, dipping below $1,800/st. They now sit nearly 11% beneath their all-time high. In total, the Raw Steels Monthly Metals Index (MMI) fell by 4.01% from August to September.

Since September 2020, U.S. hot rolled coil prices held a substantial premium over their European counterparts. The considerably sharper increase in U.S. prices after the pandemic saw the spread between the two reach over $1,000/mt at its highest. For the first time in nearly two years, U.S. hot rolled coil prices now sit beneath European prices.