SMU Price Ranges & Indices: Steel Prices a Moving Target

Hot rolled steel prices have not yet hit $1,000 a ton, but they are not far behind. Buyers tell Steel Market Update they are seeing offers as high as $1,020 per ton, but no takers so far. SMU puts the average HR price at around $950 per ton, up substantially over last week as the mills push out orders into February and March and service centers and OEMs scramble to fill holes in their inventories.

With supplies so tight and relatively few spot market transactions taking place, it’s unusually difficult for SMU to assess current steel prices.  As one buyer said: “It’s a moving target. There are very, very few spot tons available at any mill. For the past few weeks, the mills have been able to collect whatever spot price they offer.”