Steel Products Prices North America

SMU Price Ranges & Indices: HRC Price Declines Moderate, Noise or New Trend?

Written by Brett Linton

February 8, 2022

Sheet prices continue to fall, but the pace of declines has moderated on the hot-rolled coil side. SMU’s average hot-rolled coil price now stands at $1,190 per ton ($59.50 per cwt), down $45 per ton from $1,235 per ton last week. This weeks’ drop was less than half the $100-per-ton decline recorded last week. And after a year of precedented volatility, HRC prices now stand almost exactly where they were 12 months ago. Could some relative stability be in store? Some sources predict that HRC prices should level off around $1,000 per ton. But others maintain that this time is not different and that the floor will be roughly where it was in prior cycles ($400-600 per ton). Cold-rolled and coated prices, meanwhile, saw similar declines to HRC this week. Plates prices also dipped, but only modestly. There has been only marginal discounting by certain plate producers despite what some buyers characterize as an untenably wide spread between HRC and plate. One result of expectations of a plate correction: Some on the plate side noted that resale prices were significantly below fob mill replacement costs. SMU is as a result of such factors considering adjusting our plate price momentum indicator. Our sheet indicators continue to point toward lower prices for the next 30 days.

Hot Rolled Coil: SMU price range is $1,120-$1,260 per net ton ($56.00-$63.00/cwt) with an average of $1,190 per ton ($59.50/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $40 per ton compared to one week ago, while the upper end declined $50 per ton. Our overall average is down $45 per ton from last week. Our price momentum on hot rolled steel is at Lower, meaning we expect prices to decrease over the next 30 days.

Hot Rolled Lead Times: 2-6 weeks

Cold Rolled Coil: SMU price range is $1,700-$1,750 per net ton ($85.00-$87.50/cwt) with an average of $1,725 per ton ($86.25/cwt) FOB mill, east of the Rockies. The lower end of our range increased $50 per ton compared to last week, while the upper end decreased $110 per ton. Our overall average is down $30 per ton from one week ago. Our price momentum on cold rolled steel is at Lower, meaning we expect prices to decrease over the next 30 days.

Cold Rolled Lead Times: 4-8 weeks

Galvanized Coil: SMU price range is $1,650-$1,750 per net ton ($82.50-$87.50/cwt) with an average of $1,700 per ton ($85.00/cwt) FOB mill, east of the Rockies. The lower end of our range remained unchanged compared to one week ago, while the upper end decreased $80 per ton. Our overall average is down $40 per ton from last week. Our price momentum on galvanized steel is at Lower, meaning we expect prices to decrease over the next 30 days.

Galvanized .060” G90 Benchmark: SMU price range is $1,737-$1,837 per ton with an average of $1,787 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 4-9 weeks

Galvalume Coil: SMU price range is $1,600-$1,800 per net ton ($80.00-$90.00/cwt) with an average of $1,700 per ton ($85.00/cwt) FOB mill, east of the Rockies. Both the lower and upper ends of our range decreased $100 per ton compared to last week. Our overall average is down $100 per ton from one week ago. Our price momentum on Galvalume steel is at Lower, meaning we expect prices to decrease over the next 30 days.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,891-$2,091 per ton with an average of $1,991 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6-8 weeks

Plate: SMU price range is $1,780-$1,820 per net ton ($89.00-$91.00/cwt) with an average of $1,800 per ton ($90.00/cwt) FOB mill. The lower end of our range decreased $20 per ton compared to one week ago, while the upper end declined $10 per ton. Our overall average is down $15 per ton from last week. Our price momentum on plate steel remains at Neutral until the market establishes a clear direction.

Plate Lead Times: 3-5 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. If you need help navigating the website or need to know your login information, contact us at info@SteelMarketUpdate.com.

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.

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