• Skip to main content

    Product

    March 15, 2022

    SMU Price Ranges & Indices: Ukraine War Spark’s Biggest Week-Over-Week Gains Ever

    Written by Brett Linton

    Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double the prior record for a weekly gain: $85 per ton, recorded on Dec. 15, 2020. An unexpected snapback in demand following the outbreak of the Covid-19 pandemic drove prices sharply higher in late 2020. The shock to the system this time came from Russian forces invading Ukraine on Feb. 24. That led to an almost immediate supply squeeze in raw materials – pig iron, slab and ferroalloys, for example – and sharply higher finished steel prices in Europe. Those increases have now flown through to North American pricing as well. Even plate prices, which have been largely flat since the beginning of this year, are now up. SMU adjusted its HRC price momentum indicator from neutral to higher last week. Price momentum indicators for all products have been adjusted to higher this week.

    Hot Rolled Coil: SMU price range is $1,170-$1,350 per net ton ($58.50-$67.50/cwt) with an average of $1,260 per ton ($63.00/cwt) FOB mill, east of the Rockies. The lower end of our range increased $270 per ton compared to one week ago, while the upper end increased $150 per ton. Our overall average is up $210 per ton from last week. Our price momentum on hot rolled steel continues to point toward Higher prices 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 Product

    US flat-rolled steel import licenses hit a 14-month high

    US flat-rolled steel import licenses climbed in September, extending a recovery after several months of depressed inbound shipments. Licenses rose 4.9% month on month to 679,889 short tons (st), their highest level in 14 months and 29.1% above the 12-month moving average (12MMA) for August, according to Commerce Department data. The increase was led by cold-rolled sheet and other metallic-coated products, with particularly sharp gains in licenses from Turkey, Taiwan, and South Korea. Hot-rolled sheet licenses eased from August’s 19-month high, while galvanized sheet, coiled plate and cut-to-length plate also slipped month on month. Even so, licenses for hot-rolled sheet and both plate categories remained elevated relative to their recent averages, pointing to continued strength across several product lines.

    Commerce updates duties on Japanese HR

    The US Department of Commerce has adjusted anti-dumping duties on imports of hot-rolled flat steel products from Japan. The adjustment has lowered duties for one company but raised them for others. Commerce made the adjustments in the final results of an administrative review of the year ended Sept. 30, 2024. The agency set a final weighted-average dumping margin of 13.96% for Nippon Steel companies. This is lower than the company’s previous rate of 29.7%.

    Nucor, Gerdau up MBQ prices again

    Nucor and Gerdau have announced price increases for merchant bar quality (MBQ) products. The Nucor Bar Mill Group informed customers on Oct. 8 that it was raising prices on all MBQ products by $30 per short ton (st). The move is effective for new orders received after the close of business on Oct. 8. “All confirmed orders as of the close of business on October 8th, 2026 will be price-protected if shipped by end of business day, October 22th, 2026,” Nucor noted in a letter to customers.