Steel Prices
SMU price ranges: Market picks up steam
Written by Brett Linton
February 4, 2025
SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by $10/st.
Our hot-rolled steel index climbed for the second consecutive week, rising $25/st week over week (w/w) to $725/st. Hot-rolled tags are now at their highest rate since June 2024.
Cold-rolled prices rose to $910/st, tied with early January for a three-month high.
Our galvanized index jumped to $875/st, now back to levels last seen in early December. Galvalume prices also gained traction, rising to a 14-week high of $905/st.
Plate prices increased for the second week in a row, reaching a near-four-month high of $910/st this week.
SMU’s price momentum indicator is now at higher for all sheet and plate products, following last week’s adjustment to higher for hot-rolled coil and plate.
Refer to Table 1 for the latest SMU steel price indices and how prices have trended in recent weeks.
Hot-rolled coil
The SMU price range is $690-760/st, averaging $725/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 $40/st w/w. Our overall average is up $25/st w/w. Our price momentum indicator for hot-rolled steel remains at higher, meaning we expect prices to increase over the next 30 days.
Hot rolled lead times range from 4-6 weeks, averaging 5.0 weeks as of our Jan. 22 market survey. We will publish updated lead times in our Thursday issue.
Cold-rolled coil
The SMU price range is $870–950/st, averaging $910/st FOB mill, east of the Rockies. The lower end of our range is up $30/st w/w, while the top end is unchanged. Our overall average is up $15/st w/w. Our price momentum indicator for cold-rolled steel has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Cold rolled lead times range from 4-8 weeks, averaging 6.6 weeks through our latest survey.
Galvanized coil
The SMU price range is $840–910/st, averaging $875/st FOB mill, east of the Rockies. The lower end of our range is up $20/st w/w, while the top end is up $30/st w/w. Our overall average is up $25/st w/w. Our price momentum indicator for galvanized steel has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $937–1,007/st, averaging $972/st FOB mill, east of the Rockies.
Galvanized lead times range from 4-8 weeks, averaging 6.4 weeks through our latest survey.
Galvalume coil
The SMU price range is $840–970/st, averaging $905/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 $60/st w/w. Our overall average is up $35/st w/w. Our price momentum indicator for Galvalume steel 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 $1,134–1,264/st, averaging $1,199/st FOB mill, east of the Rockies.
Galvalume lead times range from 4-8 weeks, averaging 6.5 weeks through our latest survey.
Plate
The SMU price range is $850–970/st, averaging $910/st FOB mill. The lower end of our range is down $10/st w/w, while the top end is up $30/st w/w. Our overall average is up $10/st w/w. Our price momentum indicator for plate remains at higher, meaning we expect prices to increase over the next 30 days.
Plate lead times range from 2-6 weeks, averaging 4.5 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
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.