SMU Price Ranges: Another Week of Modest Declines

SMU’s hot-rolled coil price has in the meantime dipped to $1,040 per ton ($52 per cwt), down $30 per ton from last week and down $120 per ton from a 2023 peak of $1,160 per ton in mid-April.

Prices have been falling at about $25 per ton per week since then. Market participants questioned whether declines at approximately that pace would continue or whether they might accelerate over the summer months, especially should the broader economy slow down.

Prices for other sheet products followed roughly the same pattern, with cold rolled down $20 per ton, galvanized down $30 per ton, and Galvalume down $40 per ton. Plate prices were up $10 per ton, effectively unchanged given how high base prices are.

Our sheet momentum indicators continue to point lower. Our plate momentum indicator remains at neutral.

Hot-Rolled Coil: The SMU price range is $1,000–1,080 per net ton ($50.00–54.00 per cwt), with an average of $1,040 per ton ($52.00 per cwt) FOB mill, east of the Rockies. The bottom end of our range was unchanged vs. one week ago, while the top end was down $60 per ton week-on-week (WoW). Our overall average is down $30 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 $1,200–1,320 per net ton ($60.00–66.00 per cwt), with an average of $1,260 per ton ($63.00per cwt) FOB mill, east of the Rockies. The lower end of our range was down by $10 per ton, while the top end was down $30 per ton compared to a week ago. Our overall average is down $20 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: 5–10 weeks

Galvanized Coil: The SMU price range is $1,160–1,300 per net ton ($58.00–65.00 per cwt), with an average of $1,230 per ton ($61.50 per cwt) FOB mill, east of the Rockies. The lower end of our range was down by $10 per ton WoW, while the top end of our range was down $50 per ton vs. one week ago. Our overall average is down $30 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 $1,257–1,397 per ton with an average of $1,327 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 5–10 weeks

Galvalume Coil: The SMU price range is $1,200–1,300 per net ton ($60.00-65.00 per cwt), with an average of $1,250 per ton ($62.50 per cwt) FOB mill, east of the Rockies. The lower end of the range was down $40 per ton WoW, while the top end of the range was down $40 per ton vs. the week prior. Our overall average is down $40 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 $1,494–1,594 per ton with an average of $1,544 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6–10 weeks

Plate: The SMU price range is $1,500–1,570 per net ton ($75.00–78.50 per cwt), with an average of $1,535 per ton ($76.75 per cwt) FOB mill. The lower end of our range of our range was up 10$ per ton compared to the prior week, while the top end of our range was unchanged WoW. Our overall average edged up $10 per ton vs. the prior week. 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