Steel Prices
SMU price ranges: Slow start to the year
Written by Brett Linton & Michael Cowden
January 14, 2025
Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets.
Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only product to increase, rising $10/st week on week (w/w).
Sheet prices have remained relatively stable since November, with this week’s indices slightly higher than the multi-year low levels of July and August. All of our sheet indices today are no more than $15/st higher than the lows of the last five months.
Plate prices continue to edge lower from their mid-2022 peak. This week, our plate index declined to the lowest level in over four years.
Our price momentum indicators remain at neutral for both sheet and plate products, as they have since October.
Refer to Table 1 for the latest SMU steel price indices and how prices have moved in recent weeks.
Hot-rolled coil
The SMU price range is $650-720/st, averaging $685/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is down $10/st w/w. Our overall average is down $5/st w/w. Our price momentum indicator for hot-rolled steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Hot rolled lead times range from 3-7 weeks, averaging 4.7 weeks as of our Jan. 8 market survey.
Cold-rolled coil
The SMU price range is $850–940/st, averaging $895/st FOB mill, east of the Rockies. The lower end of our range is down $30/st w/w, while the top end is unchanged w/w. Our overall average is down $15/st w/w. Our price momentum indicator for cold-rolled steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Cold rolled lead times range from 5-8 weeks, averaging 6.4 weeks through our latest survey.
Galvanized coil
The SMU price range is $820–900/st, averaging $860/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is down $20/st w/w. Our overall average is down $10/st w/w. Our price momentum indicator for galvanized steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $917–997/st, averaging $957/st FOB mill, east of the Rockies.
Galvanized lead times range from 5-8 weeks, averaging 6.7 weeks through our latest survey.
Galvalume coil
The SMU price range is $830–910/st, averaging $870/st FOB mill, east of the Rockies. Our entire range shifted up $10/st w/w. Our price momentum indicator for Galvalume steel 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 $1,124–1,204/st, averaging $1,164/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 $820–880/st, averaging $850/st FOB mill. The lower end of our range is unchanged w/w, while the top end is down $30/st w/w. Our overall average is down $15/st w/w. Our price momentum indicator for plate remains at neutral, meaning we see no clear direction for prices 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 Linton
Michael Cowden
Read more from Michael CowdenLatest in Steel Prices
CRU: Chinese steel export prices mixed, although local buying improves
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.
HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.
SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.
Pig iron markets seek clarity after tariff confusion
The pig iron markets have been quiet for the last several weeks, as tariff implementation on imports into the US became a reality. There has been debate on which party will have to pay the tariff. A recent transaction could provide the answer to that question.
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.