SMU Price Ranges & Indices: Hot Rolled Hits $1,500

Hot rolled steel prices hit a new eyebrow-raising milestone this week, taking another big jump to an all-time high of $1,500 per ton as supplies continue to fall short of demand. Prices for flat rolled steel products, which have been on a relentless uptrend for the past eight months, rose by a further $60-100 per ton, while plate saw a $30 bump, according to Steel Market Update’s check of the market on Monday and Tuesday.

Service center and manufacturing executives responding to SMU’s query almost universally report, surprisingly, that there has been no slowing of demand resulting from the lofty prices customers must pay. “The sky’s the limit right now,” commented one exec. “Blame inflation, blame the V recovery, blame free government money, blame whatever you want, but folks are buying. Even the complaints we were hearing a few months ago have subsided. I honestly haven’t heard anyone concretely say they haven’t been able to pass along these higher prices,” commented another source. Steel Market Update’s Price Momentum Indicators continue to point toward higher flat rolled and plate prices in the next 30 days. Asked where prices are likely to peak, one buyer said, “Sure looks like north of $1,500 now. Do I hear $1,600?”