Hot Rolled vs Plate Steel Prices: Plate Premium Rises to Record High

Sheet steel prices declined last week for the eleventh week in a row, while plate prices have remained relatively stable in comparison, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill.

SMU’s hot rolled coil index averaged $955 per ton ($47.75 per cwt) last week, the lowest level since December 2020. Recall that prior to the Russia-Ukraine war, our index had reached a 14-month low of $1,000 per ton in the first week of March, following a record-high $1,955 per ton in September 2021. Our latest plate index averaged $1,800 per ton last week. It has remained in the low- to mid-$1800s for the previous six weeks. Plate prices have declined $140 per ton from the $1,940 per ton high seen on May 10. The plate market has been much more stable compared to sheet, with our plate index remaining within $80 per ton of $1,880 per ton for more than nine months.