Steel Products Prices North America

SMU Price Ranges: Sheet Slide Continues, Can Plate Hold?
Written by Michael Cowden
May 2, 2023
US hot-rolled coil prices slipped for a third consecutive week as market participants debated whether and when the declines might accelerate.
Another big question: where the new floor for HRC might be?
SMU’s hot-rolled coil price dipped to $1,105 per ton ($55.25 per cwt), down $15 per ton from last week and down $55 per ton from a 2023 peak of $1,160 per ton recorded on April 11.
Prices for cold-rolled and coated products also dropped, with cold-rolled down $50 per ton, galvanized down $25 per ton, and Galvalume down $60 per ton. The sharp week-over-week declines in cold-rolled and Galvalume bring those prices roughly in line with galvanized product – which is typically the case.
Falling sheet prices come on the heels of increased domestic production, anticipated import competition in the third quarter, and amid concerns about the impact of higher interest rates and tighter conditions on the broader economy.
Plate prices were down $10 per ton, or roughly flat given how high plate tags are. Some sources said that plate, a more consolidated market, has effectively decoupled from sheet prices. Others said that plate would probably not be immune to any steep sheet price declines, should they occur.
Our sheet price momentum indicators continue to point downward. Our plate momentum indicator remains neutral until that market determines a clear direction.
Hot-Rolled Coil: The SMU price range is $1,060–1,150 per net ton ($53.00–57.50/cwt), with an average of $1,105 per ton ($55.25/cwt) FOB mill, east of the Rockies. The bottom end of our range decreased by $20 per ton vs. one week ago, while the top end was down $10 per ton week on week (WoW). Our overall average is down $15 per ton WoW. Our price momentum indicator for hot-rolled coil points downward, meaning we expect the market will be down over the next 30 days.
Hot-Rolled Lead Times: 4–8 weeks
Cold-Rolled Coil: The SMU price range is $1,280–1,350 per net ton ($64.00–67.50/cwt), with an average of $1,315 per ton ($65.75/cwt) FOB mill, east of the Rockies. The lower end of our range was down by $70 per ton, while the top end also declined $30 per ton compared to a week ago. Our overall average is down $50 per ton WoW. Our price momentum indicator on cold-rolled coil points downward, meaning we expect the market will be down over the next 30 days.
Cold-Rolled Lead Times: 6–10 weeks
Galvanized Coil: The SMU price range is $1,240–1,360 per net ton ($62.00–68.00/cwt), with an average of $1,300 per ton ($65.00/cwt) FOB mill, east of the Rockies. The lower end of our range was down by $50 per ton WoW, while the top end was unchanged vs. one week ago. Our overall average is down $25 per ton vs. the prior week. Our price momentum indicator on galvanized steel points downward, meaning we expect the market will be down over the next 30 days.
Galvanized .060” G90 Benchmark: SMU price range is $1,337–1,457 per ton with an average of $1,397 per ton FOB mill, east of the Rockies.
Galvanized Lead Times: 5–10 weeks
Galvalume Coil: The SMU price range is $1,290–1,350 per net ton ($64.50-67.50/cwt), with an average of $1,320 per ton ($66.00/cwt) FOB mill, east of the Rockies. The lower end of the range was down $70 per ton WoW, while the top end of the range was down $50 per ton vs. the week prior. Our overall average is down $60 per ton when compared to one week ago. Our price momentum indicator on Galvalume steel now points downward, meaning we expect the market will be down over the next 30 days.
Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,584–1,644 per ton with an average of $1,614 per ton FOB mill, east of the Rockies.
Galvalume Lead Times: 8–10 weeks
Plate: The SMU price range is $1,530–1,570 per net ton ($76.50–78.50/cwt), with an average of $1,550 per ton ($77.50/cwt) FOB mill. The lower end of our range of our range were unchanged compared to the prior week, while the top end of our range was done $20 per ton. Our overall average declined $10 per ton WoW. Our price momentum indicator on steel plate moved to neutral, meaning we are unsure what direction prices will go over the next 30 days.
Plate Lead Times: 5–10 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 Michael Cowden, michael@steelmarketupdate.com

Michael Cowden
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