Steel Products Prices North America
SMU Price Ranges & Indices: Steel Prices Take a Swan Dive
Written by Brett Linton
October 15, 2019
Flat rolled prices took a steep dive lower this week as benchmark hot rolled dropped below $500 per ton for the first time since early November 2016. The spreads between hot rolled and cold rolled/coated products continue to be close to $200 per ton and even higher for Galvalume. We are collecting a small number of outlier data points below what we have referenced.
Steel buyers are beginning to think we are close to a bottom – especially on hot rolled, but that remains to be seen. The SMU Price Momentum Indicator is pointing to lower prices over the next 30 days on all flat rolled and plate products
Here is how we see prices this week:
Hot Rolled Coil: SMU price range is $440-$520 per ton ($22.00-$26.00/cwt) with an average of $480 per ton ($24.00/cwt) FOB mill, east of the Rockies. The lower end of our range declined $40 per ton compared to one week ago, while the upper end decreased $30 per ton. Our overall average is down $35 per ton compared to last week. Our price momentum on hot rolled steel is Lower, meaning we expect prices to decline over the next 30 days.
Hot Rolled Lead Times: 2-6 weeks
Cold Rolled Coil: SMU price range is $640-$700 per ton ($32.00-$35.00/cwt) with an average of $670 per ton ($33.50/cwt) FOB mill, east of the Rockies. The lower end of our range fell $40 per ton compared to last week, while the upper end declined $30 per ton. Our overall average is down $35 per ton compared to one week ago. Our price momentum on cold rolled steel is now Lower, meaning we expect prices to decline over the next 30 days..
Cold Rolled Lead Times: 3-8 weeks
Galvanized Coil: SMU base price range is $33.00-$34.00/cwt ($660-$680 per ton) with an average of $33.50/cwt ($670 per ton) FOB mill, east of the Rockies. The lower end of our range decreased $30 per ton compared to one week ago, while the upper end fell $60 per ton. Our overall average is down $45 per ton compared to last week. Our price momentum on galvanized steel is now Lower, meaning we expect prices to decline over the next 30 days.
Galvanized .060” G90 Benchmark: SMU price range is $729-$749 per net ton with an average of $739 per ton FOB mill, east of the Rockies. Note that we have adjusted our .060″ G90 extras from $78 per ton down to $69 per ton to reflect the recent adjustments in mill coating extras.
Galvanized Lead Times: 5-8 weeks
Galvalume Coil: SMU base price range is $35.00-$36.50/cwt ($700-$730 per ton) with an average of $35.75/cwt ($715 per ton) FOB mill, east of the Rockies. The lower end of our range remained the same compared to last week, while the upper end declined $30 per ton. Our overall average is down $15 per ton compared to one week ago. Our price momentum on cold rolled steel is now Lower, meaning we expect prices to decline over the next 30 days.
Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $991-$1,021 per net ton with an average of $1,006 per ton FOB mill, east of the Rockies.
Galvalume Lead Times: 5-8 weeks
Plate: SMU price range is $630-$720 per ton ($31.50-$36.00/cwt) with an average of $675 per ton ($33.75/cwt) FOB delivered to the customer’s facility. Both the lower and upper ends of our range remained the same compared to one week ago. Our overall average is unchanged compared to last week. Our price momentum on plate steel is now Lower, meaning we expect prices to decline over the next 30 days.
Plate Lead Times: 4-6 weeks
SMU Note: Below is a graphic showing our hot rolled, cold rolled, galvanized, Galvalume and plate price history. This data is available here on our website with our interactive pricing tool. Note that plate prices are not yet available on our website, but we are in the process of adding that dataset. If you need help navigating the website or need to know your login information, contact us at info@SteelMarketUpdate.com or 800-432-3475.
Brett Linton
Read more from Brett LintonLatest 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 […]