Steel Products Prices North America

SMU Price Ranges & Indices: Mills Pushing Prices Higher

November 27, 2019

Last week U.S. Steel and ArcelorMittal USA announced a third round of price increases. This week Nucor and Algoma followed suit. Not every mill has followed their lead, however. As a result, there are still some holes out there. Where, why and from whom are the questions of the day, which we can’t answer at the moment.

We captured a mixed bag when it came to benchmark hot rolled prices this week. Thus, we posted a wider than normal spread with a net result of no change in our HRC average despite the price increase announcements. However, the bulk of the data points collected had HRC closer to $540-550 per ton than the wide range we are reporting. SMU does not calculate a weighted average, taking into account the volume of steel ordered at a given price, therefore we feel readers are best served by SMU being conservative and reporting a wider spread when the precise figure is unclear.

Our Price Momentum Indicators on hot rolled, cold rolled, galvanized and Galvalume continue to point toward Higher prices over the next 30 days.

Our Price Momentum Indicator on plate is Neutral as we wait to see if prices do begin to get traction from here.

Here is how we see prices this week:

Hot Rolled Coil: SMU price range is $480-$590 per ton ($24.00-$29.50/cwt) with an average of $535 per ton ($26.75/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $20 per ton compared to one week ago, while the upper end rose $20 per ton. Our overall average is unchanged compared to last week. Our price momentum on hot rolled steel is Higher, meaning we expect prices to increase over the next 30 days.

Hot Rolled Lead Times: 3-6 weeks

Cold Rolled Coil: SMU price range is $700-$760 per ton ($35.00-$38.00/cwt) with an average of $730 per ton ($36.50/cwt) FOB mill, east of the Rockies. The lower end of our range increased $10 per ton compared to last week, while the upper end rose $40. Our overall average is up $25 per ton compared to one week ago. Our price momentum on cold rolled steel is Higher, meaning we expect prices to increase over the next 30 days.

Cold Rolled Lead Times: 5-8 weeks

Galvanized Coil: SMU base price range is $35.00-$38.00/cwt ($700-$760 per ton) with an average of $36.50/cwt ($730 per ton) FOB mill, east of the Rockies. The lower end of our range remained unchanged compared to one week ago, while the upper end rose $10 per ton. Our overall average is up $5 per ton compared to last week. Our price momentum on galvanized steel is Higher, meaning we expect prices to increase over the next 30 days.

Galvanized .060” G90 Benchmark: SMU price range is $769-$829 per net ton with an average of $799 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 6-9 weeks

Galvalume Coil: SMU base price range is $35.50-$37.00/cwt ($710-$740 per ton) with an average of $36.25/cwt ($725 per ton) FOB mill, east of the Rockies. The lower end of our range increased $10 per ton compared to last week, while the upper end remained the same. Our overall average is up $5 per ton compared to one week ago. Our price momentum on Galvalume steel is Higher, meaning we expect prices to increase over the next 30 days.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,001-$1,031 per net ton with an average of $1,016 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6-10 weeks

Plate: SMU price range is $640-$720 per ton ($32.00-$36.00/cwt) with an average of $680 per ton ($34.00/cwt) FOB delivered to the customer’s facility. The lower end of our range rose $10 per ton compared to one week ago, while the upper end remained the same. Our overall average is up $5 per ton compared to last week. Our price momentum on plate steel is Neutral, meaning we expect prices to remain steady over the next 30 days.

Plate Lead Times: 3-6 weeks

SMU Note: Below is a graphic showing our hot rolled, cold rolled, galvanized, Galvalume and plate price history. This data is available here on our website with our interactive pricing tool. Note that plate prices are not yet available on our website, but we are in the process of adding that dataset. If you need help navigating the website or need to know your login information, contact us at info@SteelMarketUpdate.com or 800-432-3475.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.