SMU Price Ranges: Sheet Posts Biggest Weekly Declines Since ‘22

Cold-rolled and coated prices fell just as hard – with CR down $65 per ton week over week, galvanized down $60 per ton, and Galvalume off by $30 per ton.

We have not recorded sheet-price declines of this magnitude since late May/early-June 2022, when the price spike following the outbreak of the war in Ukraine abruptly reversed.

Plate prices were down a more modest $20 per ton. Plate market participants said they did not expect to see the steep declines that sheet has experienced.

Some factors driving sheet lower were typical seasonal ones. Lead times are now solidly into the “summer doldrums,” when automotive slows down for model-year changeovers.

Others are more specific to this market cycle. Imports ordered earlier this year – when domestic prices were high and lead times extended – are expected to arrive in great quantities in July and August, where domestic lead times are now. And some domestic mills appear willing to compete with that offshore pricing, at least for very large buyers.

Our sheet-price momentum indicator, therefore, continues to point downward. Our plate price momentum indicator remains at neutral.

Hot-Rolled Coil: The SMU price range is $940–1,040 per net ton ($47.00–52.00 per cwt), with an average of $990 per ton ($49.50 per cwt) FOB mill, east of the Rockies. The bottom end of our range was down $60 per ton vs. one week ago, while the top end was down $40 per ton week on week (WoW). Our overall average is down $50 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 $1,130–1,260 per net ton ($56.50–63.00 per cwt), with an average of $1,195 per ton ($59.75per cwt) FOB mill, east of the Rockies. The lower end of our range was down by $70 per ton, while the top end was down $60 per ton compared to a week ago. Our overall average is down $65 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 $1,100–1,240 per net ton ($55.00–62.00 per cwt), with an average of $1,170 per ton ($58.50 per cwt) FOB mill, east of the Rockies. The lower end of our range was down by $60 per ton WoW, while the top end of our range was down $60 per ton vs. one week ago. Our overall average is down $60 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 $1,197–1,337 per ton with an average of $1,267 per ton FOB mill, east of the Rockies.

*Galvanized Lead Times: 5–10 weeks

Galvalume Coil: The SMU price range is $1,200–1,240 per net ton ($60.00-62.00 per cwt), with an average of $1,220 per ton ($61.00 per cwt) FOB mill, east of the Rockies. The lower end of the range was unchanged WoW, while the top end of the range was down $60 per ton vs. the week prior. Our overall average is down $30 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 $1,494–1,534 per ton with an average of $1,514 per ton FOB mill, east of the Rockies.

*Galvalume Lead Times: 6–10 weeks

Plate: The SMU price range is $1,460–1,570 per net ton ($73.00–78.50 per cwt), with an average of $1,515 per ton ($75.75 per cwt) FOB mill. The lower end of our range was down $40 per ton compared to the prior week, while the top end of our range was unchanged WoW. Our overall average edged down $20 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