SMU's July at a Glance

Steel prices continued to fall in each week of July, following declines in May and June. Hot rolled prices were $955 per ton ($49.75 per cwt) the first week of July, slipping between $35 and $45 per ton each week to reach $840 per ton as of last Tuesday. The SMU Price Momentum Indicator for all products remains at Lower since our May adjustment, meaning we expect prices to decline over the next 30 days.

Raw material prices declined further from April’s historical highs. Scrap prices saw triple-digit declines in July, with busheling falling to $505 per gross ton, shred to $440 per gross ton, and HMS to $360 per gross ton. Scrap prices are now similar to those seen in early 2021. SMU sources expect scrap prices to decline further in August. Click here to view and compare prices using our interactive pricing tool.

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.