SMU's October at a Glance

Steel prices declined each week in October, with all sheet products now back in line with late-2020 levels. Hot rolled prices averaged $736 per net ton ($36.80 per cwt) in October, falling from $765 in the beginning of the month to $710 as of last Tuesday. The SMU Price Momentum Indicator for sheet products was adjusted from Neutral to Lower on Oct.11 in light of increased supply, weaker demand, and lower raw material costs. Price Momentum on plate remains at Lower since our May revision.

Raw material prices were mixed this month, following declines seen in prior months. Scrap prices fell another $25–45 per gross ton from September, with busheling selling at a discount to shred. Sources expect scrap prices to decline again in November. Zinc and aluminum spot prices ticked up throughout October, but both products remain near the lowest prices seen over the past year. You can view and chart more multiple products using our interactive pricing tool here.

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.