Steel Prices
SMU price ranges: Sheet ticks higher for second week, plate moves lower
Written by Brett Linton
August 6, 2024
SMU’s sheet prices rose by an average of $10 per short ton (st) this week on most products, the second consecutive week of recovering prices. Aside from the marginal uptick seen last week, this is the first broad instance of increasing sheet prices since the first week of April.
Our hot-rolled index ticked $15/st higher to a five-week high of $655/st. Cold rolled and galvanized (base) prices also increased week over week (w/w), now standing at three-week highs of $905/st and $890/st, respectively. Base Galvalume prices held steady for the second consecutive week at $900/st.
Plate prices drifted lower this week following two weeks of stability, now standing at $1,005/st. This downward trend has been occurring for the past eight months.
SMU’s sheet price momentum indicator has been shifted from neutral to higher. Our plate price momentum indicator remains at lower.
Hot-rolled coil
The SMU price range is $610-700/st, averaging $655/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is up $20/st. Our overall average is up $15/st w/w. Our price momentum indicator for HR has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Hot rolled lead times range from 3-6 weeks, averaging 4.5 weeks as of our July 31 market survey.
Cold-rolled coil
The SMU price range is $860–950/st, averaging $905/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is up $10/st. Our overall average is up $5/st w/w. Our price momentum indicator for CR has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Cold rolled lead times range from 5-8 weeks, averaging 6.7 weeks through our latest survey.
Galvanized coil
The SMU price range is $850–930/st, averaging $890/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is up $30/st. Our overall average is up $20/st w/w. Our price momentum indicator for galvanized has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $947–1,027/st, averaging $987/st FOB mill, east of the Rockies.
Galvanized lead times range from 6-8 weeks, averaging 7.0 weeks through our latest survey.
Galvalume coil
The SMU price range is $850–950/st, averaging $900/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is down $10/st. Our overall average is unchanged w/w. Our price momentum indicator for Galvalume has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,144–1,244/st, averaging $1,194/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-8 weeks, averaging 7.0 weeks through our latest survey.
Plate
The SMU price range is $950–1,060/st, averaging $1,005/st FOB mill. The lower end of our range is down $10/st w/w, while the top end is down $20/st. Our overall average is down $15/st w/w. Our price momentum indicator for plate remains at lower, meaning we expect prices to decline over the next 30 days.
Plate lead times range from 2-6 weeks, averaging 3.9 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.
Brett Linton
Read more from Brett LintonLatest in Steel Prices
HR Futures: Market at crossroads after turbulent run
The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.
CRU: Iron ore falls to a 7-month low on escalating trade war
Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.
SMU price ranges: Sheet and plate prices retreat from recent highs
Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.
Miller on Raw Materials: Iron ore tariff woes
There are several other tariffs implications concerning the ferrous raw materials sector. In addition to tariffs on DRI/HBI imports, there will be also be a tariff on raw materials imported to domestically based metallics producers.
Nucor lowers HRC CSP to $930/ton
Nucor lowered its weekly consumer spot price (CSP) for hot-rolled (HR) coil this week after holding prices steady for the past two weeks.