Steel Prices

SMU price ranges: Sheet, plate largely unchanged
Written by David Schollaert
April 16, 2024
Sheet prices varied this week. While hot-rolled (HR) coil pricing was largely flat, cold-rolled (CR) coil and tandem product pricing eased slightly reflecting the momentum shift seen last week for HR coil.
SMU’s average HR coil price was flat from last week at $835 per short ton (st) – potentially emphasizing the tension between competing published numbers from different mills.
While reaction to Nucor’s latest pricing practice remains mixed and most surveyed by SMU were neutral on its impact on the HR market, it looks as if buyers are watching, reacting, and potentially leveraging the Charlotte, N.C.-based steelmaker’s published spot price.
What may have been most surprising by Nucor’s second published pricing – which saw a marginal $5/st gain vs. the prior week – is that some sources question whether prices are at or near a top.
CR and coated sheet prices eased week over week (w/w). SMU’s CR price is at $1,140/st on average (down $10/st w/w). Our galvanized base price is at $1,130/st on average (down $5/st w/w). And our Galvalume price also stands at $1,130/st on average (down $5/st w/w).
Plate prices were flat w/w at $1,225/st, though sources continue to note that sellers are still undercutting published mill prices competing for spot business.
SMU’s sheet price momentum remains at neutral, while our plate price momentum indicator is still pointing lower.
Hot-rolled coil
The SMU price range is $810-860/st, with an average of $835/st FOB mill, east of the Rockies. The lower end and the top end were unchanged w/w. As a result, our overall average is flat compared to last week. Our price momentum indicator for HR remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Hot rolled lead times range from 3-9 weeks, averaging 5.30 weeks as of our April 10 market survey.
Cold-rolled coil
The SMU price range is $1,090–1,190/st, with an average of $1,140/st FOB mill, east of the Rockies. The lower end of our range was $10/st lower w/w, while the top end decreased $10/st. Our overall average is down $10/st from the previous week. Our price momentum indicator for CR remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Cold rolled lead times range from 6-12 weeks, averaging 7.47 weeks through our latest survey.
Galvanized coil
The SMU price range is $1,100–1,160/st, with an average of $1,130/st FOB mill, east of the Rockies. The lower end of our range was flat w/w, while the top of our range declined $10/st. Our overall average is $5/st lower than last week. Our price momentum indicator for galvanized remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $1,197–1,257/st with an average of $1,227/st FOB mill, east of the Rockies.
Galvanized lead times range from 6-11 weeks, averaging 7.33 weeks through our latest survey.
Galvalume coil
The SMU price range is $1,100–1,160/st, with an average of $1,130/st FOB mill, east of the Rockies. The lower end of our range ticked up $10/st w/w, while the top end decreased $20/st. Our overall average is down $5/st compared to the previous week. Our price momentum indicator for Galvalume remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,394–1,454/st with an average of $1,424/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-12 weeks, averaging 7.60 weeks through our latest survey.
Plate
The SMU price range is $1,160–1,290/st, with an average of $1,225/st FOB mill. The lower end and the top end of our range were flat w/w. Our overall average is unchanged compared to last week. Our price momentum indicator for plate remains at lower, meaning we expect prices to decline over the next 30 days.
Plate lead times range from 4-7 weeks, averaging 5.92 weeks through our latest survey.

SMU note: Above is a graphic showing our hot rolled, cold rolled, galvanized, Galvalume, and plate price history. This data is also available here on our website with our interactive pricing tool. If you need help navigating the website or need to know your login information, contact us at info@steelmarketupdate.com.
David Schollaert
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