Steel Prices
SMU price ranges: Sheet and plate mixed, HRC down $20/t
Written by David Schollaert
April 23, 2024
Sheet prices were mixed again this week – highlighting a momentum shift we’ve observed in recent weeks. While hot-rolled (HR) coil, cold-rolled (CR) coil, and Galvalume were down slightly, galvanized and plate held steady.
SMU’s average HR coil price was down $20 per short ton (st) from last week, averaging $815/st. SMU’s CR price is at $1,130/st on average (down $10/st w/w). Our galvanized base price is at $1,130/st on average (flat w/w). And our Galvalume price now stands at $1,110/st on average (down $20/st w/w)
The main theme across the flat rolled market this week was buyers only filling holes where needed. Forward buying in March and steady demand have resulted in a quiet spot market – especially with lead times stretching toward summer, sources told SMU.
Plate prices were flat w/w at $1,225/st, though sources continue to note that sellers are still undercutting published mill prices as they compete for spot business.
SMU’s sheet price momentum indicators remain at neutral. Our plate price momentum indicator has shifted from lower to neutral.
Hot-rolled coil
The SMU price range is $785-845/st, with an average of $815/st FOB mill, east of the Rockies. The lower end of our range was $25/st lower, while the top end was down $15/st w/w. Our overall average is down $20.st compared to last week. Our price momentum indicator for HR remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Hot rolled lead times range from 3-9 weeks, averaging 5.30 weeks as of our April 10 market survey. Lead times data will be updated on Thursday, April 25.
Cold-rolled coil
The SMU price range is $1,100–1,160/st, with an average of $1,130/st FOB mill, east of the Rockies. The lower end of our range was $10/st higher w/w, while the top end decreased $30/st. Our overall average is down $10/st from the previous week. Our price momentum indicator for CR remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Cold rolled lead times range from 6-12 weeks, averaging 7.47 weeks through our latest survey.
Galvanized coil
The SMU price range is $1,100–1,160/st, with an average of $1,130/st FOB mill, east of the Rockies. The lower end and the top end of our range were flat vs. last week. Our overall average, as a result, is unchanged w/w. Our price momentum indicator for galvanized remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $1,197–1,257/st with an average of $1,227/st FOB mill, east of the Rockies.
Galvanized lead times range from 6-11 weeks, averaging 7.33 weeks through our latest survey.
Galvalume coil
The SMU price range is $1,080–1,140/st, with an average of $1,110/st FOB mill, east of the Rockies. The lower end of our range ticked down $20/st w/w, while the top end decreased $20/st. Our overall average is down $20/st compared to the previous week. Our price momentum indicator for Galvalume remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,374–1,434/st with an average of $1,404/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-12 weeks, averaging 7.60 weeks through our latest survey.
Plate
The SMU price range is $1,160–1,290/st, with an average of $1,225/st FOB mill. The lower end and the top end of our range were flat w/w. Our overall average is unchanged compared to last week. Our price momentum indicator for plate is at neutral, meaning we see no clear direction for prices over the next 30 days.
Plate lead times range from 4-7 weeks, averaging 5.92 weeks through our latest survey.
SMU note: Above is a graphic showing our hot rolled, cold rolled, galvanized, Galvalume, and plate price history. This data is also 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.
David Schollaert
Read more from David SchollaertLatest in Steel Prices
HR Futures: Traders’ views mixed as market navigates tariffs
A look at the HR futures market.
SMU price ranges: Sheet and plate edge lower on tariff uncertainty
This week is the first time all of our indices have moved lower in unison since July 2024.
Trump’s tariffs could have unforeseen impacts on ferrous raw materials
The imposition of reciprocal tariffs by President Trump as explained on Wednesday afternoon has rattled virtually every market. This policy has some advantages for the steelmaking sector, but there may be some disadvantages that were not considered, especially for the EAF producers of flat-rolled.
Nucor’s weekly spot HR price unchanged, again
Nucor’s consumer spot price (CSP) for hot-rolled (HR) coil remains unchanged again this week. The pause over the past two weeks stands in contrast to the nine-week rally that saw the company increase prices regularly by double-digits. The Charlotte, N.C.-based steelmaker told customers on Monday that this week’s consumer spot price (CSP) for HR coil […]
Market pressures trigger HR futures reversal
Market dynamics are shifting rapidly, with futures pricing diverging from physical fundamentals, creating a complex landscape for steel traders.