SMU Price Ranges & Indices: Prices Still Rising, For Now

U.S. flat-rolled steel prices remain on the rise thanks to strong demand, thin spot supplies and limited short-term competition from imports. While some sources think imports could send domestic prices lower, others note that foreign steel suffers from the late deliveries that have plagued customers of domestic mills. “Too much risk ordering foreign steel with lead times into the summer as well as the ship shortages and huge port delays,” said one respondent to Steel Market Update’s check of the market this week. In short, peak pricing might be in sight. But the U.S. steel market isn’t there yet. “I believe we are 20-30 days away from mills beginning to negotiate,” another survey respondent said. SMU’s hot-rolled coil price in the meantime averages $1,150 per ton ($57.50/cwt)–up $10 per ton from last week and marking a new all-time high for U.S. HRC prices for the fourth consecutive week. And the latest gains come despite increasing fears of a correction in the weeks ahead. Steel Market Update’s Price Momentum Indicators continue to point toward higher prices in the short term, but perhaps not for much longer.

Here is how we see prices this week:

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.