• Skip to main content

    Prices

    February 1, 2022

    SMU Price Ranges & Indices: Flat Rolled Prices Down Another $60-100 Per Ton

    Written by Brett Linton

    Flat rolled steel prices declined by another $60-100 per ton in the past week, pushing the benchmark hot rolled price down to $1,235 per ton. That’s a decline of about 37% or a total of $720 per ton since the market peaked five months ago. Why the sharp decline? An imbalance between supply and demand as service centers work down excess inventories and buyers postpone purchases to see how low prices will go. How much longer will this slide continue? That’s unknowable, but the majority (64%) of the buyers responding to SMU’s latest survey predict HRC prices will bottom out sometime between now and the end of the second quarter. Meanwhile, SMU’s Price Momentum Indicators continue to point toward lower flat rolled prices over the next 30 days, but remain neutral for plate prices, which appear to be holding their own for the time being.

    Hot Rolled Coil: SMU price range is $1,160-$1,310 per net ton ($58.00-$65.50/cwt) with an average of $1,235 per ton ($61.75/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $90 per ton compared to one week ago, while the upper end declined $110 per ton. Our overall average is down $100 per ton from last week. Our price momentum on hot rolled steel is at Lower, meaning we expect prices to decrease over the next 30 days.

    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.

    Read more from Brett Linton

    Latest in Prices

    Plate supply squeeze tightens as demand presses higher

    The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations. And the supply squeeze will likely intensify in a market that some industry sources say is structurally undersupplied because of stringent US trade and tariff policies. Imports have been arriving in larger volumes, and the expectation is they will continue to tick higher into 2027. The big question is whether those foreign tons will arrive in volumes sufficient to provide the relief steel consumers want.