Steel Products Prices North America
SMU Price Ranges & Indices: Prices Slip
Written by John Packard
June 21, 2016
Flat rolled steel prices slipped this week even as ArcelorMittal USA announced new spot pricing for the month of August. Steel Market Update (SMU) has been noticing a “topping” of the market over the past few weeks and our expectation is for the market to be a little “sloppy” in the coming weeks. We do not yet see the market as having made the turn toward lower steel prices as many of the fundamentals which caused the market to rise in the first place still exist today.
Our Price Momentum Indicator is currently pointing toward Neutral (sideways with a plus/minus $20 per ton).
Here is how we see prices this week:
Hot Rolled Coil: SMU Range is $610-$640 per ton ($30.50/cwt- $32.00/cwt) with an average of $625 per ton ($31.25/cwt) FOB mill, east of the Rockies. Both the lower and upper ends of our range declined $10 per ton compared to one week ago. Our overall average is down $10 per ton over last week. Our price momentum on hot rolled steel is for prices to remain range-bound (+/- $20 per ton) over the next 30 days.
Hot Rolled Lead Times: 4-7 weeks
Cold Rolled Coil: SMU Range is $800-$840 per ton ($40.00/cwt- $42.00/cwt) with an average of $820 per ton ($41.00/cwt) FOB mill, east of the Rockies. The lower end of our range declined $20 per ton compared to last week while the upper end declined by $10 per ton. Our overall average is down $15 per ton over one week ago. Our price momentum on cold rolled steel is for prices to remain range-bound (+/- $20 per ton) over the next 30 days.
Cold Rolled Lead Times: 5-8 weeks
Galvanized Coil: SMU Base Price Range is $40.50/cwt-$42.00/cwt ($810-$840 per ton) with an average of $41.25/cwt ($825 per ton) FOB mill, east of the Rockies. The lower end of our range declined $20 per ton compared to one week ago while the upper end declined by $10 per ton. Our overall average is down $15 per ton over last week. Our price momentum on galvanized steel is for prices to be range bound (+/- $20 per ton) over the next 30 days.
Galvanized .060” G90 Benchmark: SMU Range is $870-$900 per net ton with an average of $885 per ton FOB mill, east of the Rockies.
Galvanized Lead Times: 5-9 weeks
Galvalume Coil: SMU Base Price Range is $41.00/cwt-$42.00/cwt ($820-$840 per ton) with an average of $41.50/cwt ($830 per ton) FOB mill, east of the Rockies. The lower end of our range declined $10 per ton compared to last week while the upper end fell by $20 per ton. Our overall average is down $15 per ton over one week ago. Our price momentum on Galvalume steel is for prices to be range-bound (+/- $20 per ton) over the next 30 days.
Galvalume .0142” AZ50, Grade 80 Benchmark: SMU Range is $1111-$1131 per net ton with an average of $1121 per ton FOB mill, east of the Rockies.
Galvalume Lead Times: 4-8 weeks
SMU Note: Below is a graphic showing our hot rolled, cold rolled, galvanized, and Galvalume price history. To use the graphs interactive capabilities, you must view it on our website here. If you need help navigating the website or need to know your login information, contact us at info@SteelMarketUpdate.com or by calling 800-432-3475.
John Packard
Read more from John PackardLatest in Steel Products Prices North America
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]