Steel Prices
SMU price ranges: Sheet up again, plate steady
Written by Brett Linton
August 13, 2024
Sheet prices increased across the board this week, marking the third consecutive week of rising prices, while plate prices held stable, according to SMU’s weekly review of steel prices. Our sheet indices rose by an average of $14 per short ton (st) from last week and are now $15-30/st higher than prices in late July.
Hot-rolled steel prices increased $10 week over week (w/w) to $665/st. Hot rolled prices are now the highest they’ve been since the first week of July.
Prices for tandem products are back up to levels last seen mid-July. Our cold rolled and galvanized indices rose $10/st w/w to $915/st and $900/st, respectively. Galvalume prices jumped $25/st w/w to an average of $925/st.
Following a dip last week, plate prices held steady this week at $1,005/st. Plate prices have overall trended downward over the last eight months.
SMU’s sheet price momentum indicator remains at higher following our Aug. 6 adjustment. Our plate price momentum indicator remains at lower.
Hot-rolled coil
SMU’s price range for HR coil is $630-700/st, with an average of $665/st FOB mill, east of the Rockies. The lower end of our range is up by $20/st w/w, while the top end is unchanged. The overall average is up $10/st w/w. Our price momentum indicator for HR remains at higher, meaning we expect prices to increase over the next 30 days.
Hot rolled lead times range from 3-6 weeks, averaging 4.5 weeks as of our July 31 market survey. Look for a lead-time update in this Thursday’s newsletter.
Cold-rolled coil
The SMU price range is $880–950/st, averaging $915/st FOB mill, east of the Rockies. The lower end of our range is up $20/st from last week, while the top end is unchanged. Our overall average is up $10/st. Our price momentum indicator for CR remains at higher, meaning we expect prices to increase over the next 30 days.
Cold rolled lead times range from 5-8 weeks, averaging 6.7 weeks through our last survey.
Galvanized coil
The SMU price range is $850–950/st, with an average of $900/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is up $20/st. Our overall average is up $10/st w/w. Our price momentum indicator for galvanized sheet remains pointing higher, meaning we expect prices to increase over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $947–1,047/st, averaging $997/st FOB mill, east of the Rockies.
Galvanized lead times range from 6-8 weeks, averaging 7.0 weeks through our last survey.
Galvalume coil
The SMU price range is $870–980/st, averaging $925/st FOB mill, east of the Rockies. The lower end of our range is up $20/st w/w, while the top end is $30/st higher. Our overall average is up $25 w/w. Our price momentum indicator for Galvalume remains at higher, meaning we expect prices to increase over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,164–1,274/st, averaging $1,219/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-8 weeks, averaging 7.0 weeks through our latest survey.
Plate
The SMU price range is $940–1,070/st, with an average of $1,005/st FOB mill. The lower end of our range is down $10/st w/w, while the top end is up $10/st. Our overall average is unchanged 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 2-6 weeks, averaging 3.9 weeks through our last 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 Steel Prices
HR Futures: Consequences of a tariff trap
As another month goes by and another futures columnist starts by saying “not much to see here,” I understand that a reader might flip their brain to skim mode.
Gap between US HR prices and imports widens
SMU’s average price for domestic HR coil moved $5 higher this week, while price movements in offshore markets varied. This dynamic...
SMU Price Ranges: Sheet floor holds as market debates upside
Our average HR coil price increased $5/short ton from last week, marking a second consecutive week of modest gains. Market participants generally attributed the increase to...
Nucor HR spot price flat at $875/ton
Nucor kept its consumer spot price (CSP) for hot-rolled coil at $875 per short ton (st) for the ninth straight week.
HRC-galvanized price gap narrows
After marginally rising in August and September, the premium galvanized coil carries over hot-rolled coil (HRC) coil has narrowed again in recent weeks. As of Sept. 16, the spread between these two products has shrunk to a two-and-a-half-year low of $125 per short ton (st).