SMU Price Ranges & Indices: HRC Nears $1,600 Per Ton

Hot-rolled coil prices continue their unrelenting march upward. Steel Market Update’s benchmark hot-rolled coil price now stands at $1,590 per ton ($79.50/cwt), up $20 per ton from a week ago and up $180 per ton versus last month. Lead times remain extended at eight to 12 weeks. And SMU’s Price Momentum Indicator continues to point to higher prices over the next 30 days. That dovetails with sentiment that prices have room to rise over the short-term, even as carbon steel prices approach levels more typically associated with stainless steel. But long-term opinion is divided. Some market participants think prices have nowhere to go but up for the balance of the year. Others are growing concerned that prices could wobble as the market enters the traditionally slower summer months and on anecdotal evidence that some mills are catching up on late orders. “There is a shortage of steel. But we’re on the sidelines,” one service center source said. “I’ve bought all I’m going to buy. I’m going to let everyone else fight over it.”

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.