SMU Price Ranges: HRC Slips Below $1,200, Floor at $1,000?

And market participants said they expected HR prices to continue to fall in the weeks ahead. They debate remains not whether prices will fall but how fast and how far.

If the current rate of decline were to continue, HR would be slightly below $1,000 per ton in just three weeks.

A similar trend was observed in cold-rolled (down $65 per ton), galvanized (down $40 per ton), and Galvalume (down $40 per ton). Plate bucked the overall downward trend and was flat at $1,830 per ton.

All of SMU’s price momentum indicators remain at lower, meaning we expect declining prices over the next 30 days.

Hot Rolled Coil: SMU price range is $1,140-$1,240 per net ton ($57.00-$62.00/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 $10 per ton compared to one week ago, while the upper end decreased $120 per ton. Our overall average is down $65 per ton from last week. Our price momentum indicator on hot rolled steel points to Lower, meaning we expect prices to decrease over the next 30 days.

Hot Rolled Lead Times: 3-8 weeks* (preliminary ranges from our ongoing market survey, final lead times data will be released on Thursday)

Cold Rolled Coil: SMU price range is $1,560-$1,700 per net ton ($78.00-$85.00/cwt) with an average of $1,630 per ton ($81.50/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $70 per ton compared to last week, while the upper end decreased $60 per ton. Our overall average is down $65 per ton from one week ago. Our price momentum indicator on cold rolled steel points to Lower, meaning we expect prices to decrease over the next 30 days.

Cold Rolled Lead Times: 5-9 weeks*

Galvanized Coil: SMU price range is $1,560-$1,710 per net ton ($78.00-$85.50/cwt) with an average of $1,635 per ton ($81.75/cwt) FOB mill, east of the Rockies. Both the lower and upper ends of our range decreased $40 per ton compared to one week ago. Our overall average is down $40 per ton from last week. Our price momentum indicator on galvanized steel points to Lower, meaning we expect prices to decrease over the next 30 days.

Galvanized .060” G90 Benchmark: SMU price range is $1,666-$1,816 per ton with an average of $1,741 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 5-8 weeks*

Galvalume Coil: SMU price range is $1,600-$1,660 per net ton ($80.00-$83.00/cwt) with an average of $1,630 per ton ($81.50/cwt) FOB mill, east of the Rockies. The lower end of our range remained unchanged compared to last week, while the upper end declined $80 per ton. Our overall average is down $40 per ton from one week ago. Our price momentum indicator on Galvalume steel points to Lower, meaning we expect prices to decrease over the next 30 days.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,919-$1,979 per ton with an average of $1,949 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 7-8 weeks*

Plate: SMU price range is $1,800-$1,860 per net ton ($90.00-$93.00/cwt) with an average of $1,830 per ton ($91.50/cwt) FOB mill. Both the lower and upper ends of our range remained unchanged compared to one week ago. Our overall average is unchanged from last week. Our price momentum indicator on plate steel points to Lower, meaning we expect prices to decrease over the next 30 days.

Plate Lead Times: 4-8 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.

By Brett Linton, Brett@SteelMarketUpdate.com