SMU Data and Models

SMU price ranges: Continued declines across the board
Written by Brett Linton
May 21, 2024
Steel prices eased for both sheet and plate products this week, according to our latest canvass of the market. Sheet prices declined an average of $19 per short ton (st) compared to last week, now near seven-month lows. Our plate index fell $30 from one week prior, easing to a three-year low.
Multiple sources remarked that the market is slow and not a lot of activity is happening; one executive commented it is “kinda boring.” It appears the summer doldrums have arrived a little earlier this year.
When might we see a bottom? There is speculation that mills will try to hold the line in June, possibly rolling out price increases in the near future as an attempt to stop the bleeding. Some buyers expect prices to stabilize in the coming weeks and reverse course in June. Others believe weak economic conditions and soft demand will allow prices to slide further.
SMU price momentum indicators for both sheet and plate continue to point to lower prices.

Hot-rolled coil
The SMU price range is $720-800/st, averaging $760/st FOB mill, east of the Rockies. The lower end of our range is down $5/st week over week (w/w), while the top end is down $25/st. Our overall average is down $15/st w/w. Our price momentum indicator for HR remains at lower, meaning we expect prices to decline over the next 30 days.
Hot rolled lead times range from 3-7 weeks, averaging 4.9 weeks as of our May 8 market survey.
Cold-rolled coil
The SMU price range is $980–1,110/st, averaging $1,045/st FOB mill, east of the Rockies. The lower end of our range is down $30/st w/w, while the top end is down $20/st. Our overall average is down $25/st w/w. Our price momentum indicator for CR remains at lower, meaning we expect prices to decline over the next 30 days.
Cold rolled lead times range from 5-9 weeks, averaging 7.2 weeks through our latest survey.
Galvanized coil
The SMU price range is $970–1,120/st, averaging $1,045/st FOB mill, east of the Rockies. The lower end of our range is down $30/st w/w, while the top end is down $20/st. Our overall average is down $25/st w/w. Our price momentum indicator for galvanized remains at lower, meaning we expect prices to decline over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $1,067–1,217/st, averaging $1,142/st FOB mill, east of the Rockies.
Galvanized lead times range from 5-9 weeks, averaging 7.1 weeks through our latest survey.
Galvalume coil
The SMU price range is $1,040–1,120/st, averaging $1,080/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is down $20/st. Our overall average is down $10/st w/w. Our price momentum indicator for Galvalume remains at lower, meaning we expect prices to decline over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,334–1,414/st, averaging $1,374/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-10 weeks, averaging 7.7 weeks through our latest survey.
Plate
The SMU price range is $1,080–1,210/st, averaging $1,145/st FOB mill. The lower end of our range is down $65/st w/w, while the top end is up $5/st. Our overall average is down $30/st w/w. 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 5.5 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.

Brett Linton
Read more from Brett LintonLatest in SMU Data and Models

SMU Scrap Survey: Current and Future Sentiment tick down
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.

SMU Survey: Buyers’ Sentiment slips again, future outlook improves
Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

SMU scrap market survey results now available
SMU’s October ferrous scrap market survey results are now available on our website to all premium members.

SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members.

SMU Survey: Sheet and plate lead times stabilize
Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.