SMU Price Ranges: Sheet Slips Again on Strike, But Is a Bottom in Sight?

But opinion was mixed as to whether prices would continue to go down. Some buyers reasoned that there was more upside risk to prices than downside risk – meaning that now might be the time to lock in lower prices.

SMU’s average hot-rolled coil price has in the meantime slipped to $660 per ton ($33 per cwt), down $30 per ton from last week and down $105 per ton from this time last month. HRC prices now stand at their lowest point since mid-December 2022.

It was a similar story for cold-rolled, which dropped $25 per ton, and galvanized base prices, which lost $15 per ton. Both now stand at $875 per ton. Galvalume base prices slipped $20 per ton to $900 per ton on average. Plate prices were unchanged at $1,465 per ton on average.

We acknowledge that some market participants think sheet prices are at or near a bottom. That said, our sheet momentum indicators remain pointed toward lower until more solid evidence of that bottom emerges.

Our plate price momentum indicators also remain at lower following a plate price decrease announced by Nucor earlier this month.

Hot-Rolled Coil

The SMU price range is $620–700 per net ton ($31.00–35.00 per cwt), with an average of $660 per ton ($33.00 per cwt) FOB mill, east of the Rockies. Both the bottom end of our range and the top end of our range declined $30 per ton vs. one week ago. As a result, our overall average is $30 per ton lower compared to the prior week. Our price momentum indicator for hot-rolled coil is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Hot-Rolled Lead Times: 3–7 weeks

Cold-Rolled Coil

The SMU price range is $830–920 per net ton ($41.50–46.00 per cwt), with an average of $875 per ton ($43.75 per cwt) FOB mill, east of the Rockies. The lower end of our range was down $50 per ton week-on-week (WoW), while the top end was unchanged compared to a week ago. Our overall average is down $25 per ton WoW. Our price momentum indicator on cold-rolled coil is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Cold-Rolled Lead Times: 5–8 weeks

Galvanized Coil

The SMU price range is $840–910 per net ton ($42.00–45.50 per cwt), with an average of $875 per ton ($43.75 per cwt) FOB mill, east of the Rockies. The lower end of our range was down $20 per ton vs. last week, while the top end of our range was down $10 per ton compared to one week ago. Our overall average is down $15 per ton vs. the prior week. Our price momentum indicator on galvanized steel is pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Galvanized .060” G90 Benchmark: SMU price range is $937–1,007 per ton with an average of $972 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 4-9 weeks

Galvalume Coil

The SMU price range is $860–940 per net ton ($43.00–47.00 per cwt), with an average of $900 per ton ($45.00 per cwt) FOB mill, east of the Rockies. The lower end of our range was unchanged vs. last week, while the top end of the range was $40 per ton lower WoW. Our overall average was down $20 per ton compared to one week ago. Our price momentum indicator on Galvalume steel is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,154–1,234 per ton with an average of $1,194 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6–8 weeks

Plate

The SMU price range is $1,400–1,530 per net ton ($70.00–76.50 per cwt), with an average of $1,465 per ton ($73.25 per cwt) FOB mill. Both the lower end of our range and the top end of our range were sideways compared to the week prior. Thus, our overall average is unchanged WoW. Our price momentum indicator on steel plate remains at neutral, meaning we are unsure of what direction prices will go over the next 30 days.

Plate Lead Times: 3–8 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.