SMU Price Ranges & Indices: Hot Rolled Dips Below $1,800

Flat rolled and plate steels all saw double-digit decreases this week as the price trend appears be gaining downward momentum The average price for hot rolled dropped by $50 to $1,780 per ton, the first time that benchmark has been below $1,800 since early July. Prices for cold rolled and coated products saw declines of $45-55 per ton as well, according to Steel Market Update’s poll of buyers on Monday and Tuesday. The price correction that began from the peak in early September had seen small, gradual dips until lately when the effects of import competition and seasonal factors appear to have taken hold. SMU is now adjusting its Price Momentum Indicator to Lower for all flat rolled products, not just hot rolled. Plate remains at Neutral until the price direction is more clearly established.

Hot Rolled Coil: SMU price range is $1,660-$1,900 per net ton ($83.00-$95.00/cwt) with an average of $1,780 per ton ($89.00/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $100 per ton compared to last week, while the upper end remained unchanged. Our overall average is down $50 per ton from one week ago. Our price momentum on hot rolled steel is at Lower, meaning we expect prices to decrease over the next 30 days.