SMU Price Ranges: Sheet Eases Lower, Plate Falls Hard

Plate prices saw a sharp decline on the heels of a $120 per ton price cut by Nucor late Monday evening. Though little-to-no spot business has been done since the latest price announcement, small deals were made slightly above and below that mark in the days prior. More declines are expected, but buyers are likely to hold out for even lower prices for the time being.

Our price momentum indicator remains Neutral for all sheet products until the market establishes a clear direction. Our plate price momentum indicator continues to point towards Lower prices in the coming weeks.

Hot-Rolled Coil: SMU price range is $720–820 per net ton ($36.00–41.00/cwt) with an average of $770 per ton ($38.50/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 decreased $10 per ton. Our overall average is down $15 per ton from last week. Our price momentum indicator on hot-rolled steel points to Neutral until the market establishes a clear direction.

Hot-Rolled Lead Times: 4–6 weeks

Cold-Rolled Coil: SMU price range is $1,080–1,160 per net ton ($54.00–58.00/cwt) with an average of $1,120 per ton ($56.00/cwt) FOB mill, east of the Rockies. The lower end of our range remained unchanged compared to last week, while the upper end decreased $20 per ton. Our overall average is down $10 per ton from one week ago. Our price momentum indicator on cold-rolled steel points to Neutral until the market establishes a clear direction.

Cold-Rolled Lead Times: 5–8 weeks

Galvanized Coil: SMU price range is $1,070–1,120 per net ton ($53.50–56.00/cwt) with an average of $1,095 per ton ($54.75/cwt) FOB mill, east of the Rockies. The lower end of our range increased $20 per ton compared to one week ago, while the upper end decreased $50 per ton. Our overall average is down $15 per ton from last week. Our price momentum indicator on galvanized steel points to Neutral until the market establishes a clear direction.

Galvanized .060” G90 Benchmark: SMU price range is $1,167–1,217 per ton with an average of $1,192 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 5–7 weeks

Galvalume Coil: SMU price range is $1,070–1,140 per net ton ($53.50-57.00/cwt) with an average of $1,105 per ton ($55.25/cwt) FOB mill, east of the Rockies. The lower end of our range increased $20 per ton compared to last week, while the upper end decreased $70 per ton. Our overall average is down $25 per ton from one week ago. Our price momentum indicator on Galvalume steel points to Neutral until the market establishes a clear direction.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,364–1,434 per ton with an average of $1,399 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6–8 weeks

Plate: SMU price range is $1,600–1,700 per net ton ($80.00–85.00/cwt) with an average of $1,650 per ton ($82.50/cwt) FOB mill. The lower end of our range decreased $100 per ton compared to one week ago, while the upper end decreased $40 per ton. Our overall average is down $70 per ton 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: 4–6 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. If you need help navigating the website or need to know your login information, contact us at info@SteelMarketUpdate.com.

By Brett Linton, Brettl@SteelMarketUpdate.com, and David Schollaert, David@SteelMarketUpdate.com