SMU's January At-a-Glance

Steel and scrap prices continued to climb throughout January, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,000 per ton in the first week of the year, levels not seen in over a decade. Steel Market Update’s hot rolled price index reached $1,140 per ton by the end of January, up $130 per ton or 13 percent from the beginning of the month. The SMU Pricing Momentum Indicator has remained unchanged since the August 2020 adjustment to Higher, indicating prices are expected to rise further in the short term.

January scrap prices rose by $100 per ton or greater compared to December, similar to the jump seen from November to December. Zinc prices declined throughout the month, reaching $1.156 per pound on the last day of January. Aluminum prices declined in the first half of the month, rebounded a bit towards the end, then began falling again, reaching $0.896 per pound on Jan. 29.

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.