Nucor raises fuel surcharge to $20/st on plate; US HRC days supply falls; Chinese mills urged to restrain output

This is J.P. Morgan's Steel Daily Despatch for 17 September 2026, summarising key steel prices, spreads and news flow. Prices: HRC US EXW Indiana at $1,230/st (+1% w/w, +52% y/y), Plate Delivered US Midwest at $1,480/st (+3% d/d), HRC CFR Southeast Asia at $530/mt; IODEX 61% Fe CFR China at $95/mt (-10% y/y) and Premium Low Vol HCC FOB Australia at $282/mt (+50% y/y). Key news: (1) Nucor Plate Group will raise its fuel surcharge to $20/st for October, effective on all shipments from Oct. 1 — the first increase since the surcharge was initially set at $10/st on April 16; (2) US service centres' flat-rolled steel supply declined in August, with shipping days of supply slipping 2.9% MoM and 22% YoY to 44.2, driven by late shipments from domestic mills; (3) galvanized buyers report severe supply strain, with long lead times, late deliveries, thin inventories, lower imports and strong demand;