The Material Report #017

This fortnight in 30 seconds

Refresh the brass quote. Check the copper form

If you received a C360 brass quote September 15 to 17, ask for a fresh one before placing the order. The distributor list prices we track rose September 15, then gave back most of that increase September 18. An earlier quote may still carry the higher price.

Copper sheet and plate behaved differently. The C110 products we track repriced higher September 14 and 15 and held through September 18. A falling copper exchange price did not produce the same result for every form of stock.

That distinction matters when you quote a job. Use a current quote for the alloy, form, and quantity you need. A copper market headline alone cannot tell you whether your brass bar or copper plate got cheaper. Nor does a lower list price guarantee the same reduction in your negotiated price.

The tariff news concerns two stages of production. Refined copper is nearly pure metal that mills and wire makers buy to melt and shape, commonly in a form called cathode. Semi-finished copper has already been shaped into stock such as sheet, plate, bar, wire, or tube. That is closer to what a shop orders to machine into a finished part.

Either can be imported. "Imported" means brought into the US; it does not describe how far the copper has been processed. On September 10, Reuters reported that the White House had not decided on new duties for refined copper. That question is separate from the existing duties on covered semi-finished stock.

The April 2026 proclamation sets a 50% rate for most covered copper products, with other rates and exceptions depending on the product's tariff classification and origin. Delaying a duty on refined copper would not, by itself, remove the duty on imported sheet or bar. If a supplier cites a tariff increase, ask which rule applies to your stock and when it changed.

The exchange comparison is useful context. COMEX copper's weekly median closing price fell 2.3% between the August 31 and September 14 weeks. Over those same weeks, C110 sheet and plate list prices rose. The benchmark establishes that difference; it does not establish whether tariffs, inventory costs, or another pricing decision caused it.

The copper sample is small, and flat bar moved the other way. I would not use it to justify buying extra copper across the shop. For sheet and plate tied to firm work, get a current quote and cover the requirement. For brass quoted during the brief increase, refresh the price first. Keep the specification, quantity, and delivery terms the same so you can see what changed. Ask the supplier to separate the material price from cutting charges and freight on both quotes.

If a new refined-copper decision is announced, ask for an updated supplier quote before changing your buying plan. The useful test is whether your material price changed, not just whether futures moved that morning.

From our benchmark

This is distributor list pricing from one national distributor, not transaction prices. We compare weekly medians for the same products. The complete weeks are August 31 to September 6 and September 14 to 20. Daily observations identify the dates and amounts of individual price changes.

Of seven copper products, three C110 sheet products rose $1.73/lb and two plate products rose $1.39/lb. Those five carried the copper increase. The chart shows why a single copper percentage would miss the difference between forms.

C360 brass had broader coverage: 49 products across round, hex, square, and flat bar. Every product rose $0.27 to $0.31 per pound September 15, then fell $0.20 to $0.23 September 18. Prices did not return fully to their earlier level. Ask for the reduction that reached your quoted size, rather than assuming the whole increase disappeared.

Pricing notes

Steel sheet: Nucor's posted hot-rolled price reached $1,210 a ton on September 21. That is a mill reference, not a delivered distributor quote. Compare fresh quotes for the same grade, gauge, quantity, and delivery terms before accepting an increase based on the announcement.

Steel tube: A500 Grade B square and rectangular tube rose a median $0.07/lb, or 5.7%, across 103 products. Increases began September 10, after Nucor Tubular's structural-tube announcement, with another step for most products September 15. Re-check quotes and blanket orders priced before the first increase.

Stainless: An earlier September increase still matters for 17-4 round bar. Across 26 products, the median list move was 27.2%, or $1.37/lb. Most repriced September 4, before this reporting fortnight. That predates North American Stainless's September 8 announcement of an October increase. The notice does not establish what caused the earlier move. Broad stainless was flat across 569 products. Ask for a fresh 17-4 quote with the base price and any surcharges shown separately.

Aluminum: the broad list median was flat across 607 products. There is no broad increase here to justify extra inventory. Buy what committed jobs require, and confirm how long the quote holds.

Carbide: suppliers at IMTS reported rising prices and tighter raw material supply. They showed recycled grades and ceramic or CBN alternatives. Ask your tooling supplier which options suit your operation, then qualify a substitute before relying on it for production.

Diesel and freight: EIA's September 14 survey put on-highway diesel at $6.285 a gallon, up about $0.69 in two weeks. A fuel surcharge can raise your delivered cost even when material pricing holds. Check the carrier's formula and the survey date it uses.

What I'm watching next

• September 22: EIA's next diesel release. Compare it with the survey used on your freight quote. If the carrier updates its surcharge weekly, ask which shipment date determines the charge.

• October 1: North American Stainless's $0.075/lb base-price increase takes effect for 17-4, 416, and 410 round-bar shipments. Ask whether a quote for October delivery already includes it. That avoids budgeting the increase twice.

Which material surprised you this month? Email me. One line is plenty.

Wondering whether a material quote is high? Run it through Quote Check, paste the quote, and see where it lands against published distributor pricing for that alloy and size. Free, takes about a minute.

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