Steel Prices

SMU price ranges: Sheet indices mixed, plate stable
Written by Brett Linton
September 24, 2024
SMU’s steel price indices were mixed this week as the market seeks direction.
Prices for hot rolled and Galvalume steel increased slightly from last week. Our galvanized and plate prices held steady, while our cold-rolled steel index edged lower.
Each of our indices have fluctuated within relatively narrow ranges across September, ranging from $10-25 per short ton (st).
We are hearing that high inventories and uneven demand are the culprits keeping prices in check. Some factors could send them higher, such as trade case impacts and a potential port strike.
Our hot-rolled steel index increased $5/st week over week (w/w) to $695/st, the highest price seen this month. HR prices are up by $60/st compared to levels two months prior, when they had reached a year-and-a-half low of $635/st in July.
Following a 10-week high recorded last week, cold-rolled steel prices edged $5/st lower w/w to $945/st. Prices have recovered $45/st from July’s 10-month low.
Prices for coated products remained around their highest points in the last three months. Our base Galvanized index held steady at $920/st. Galvalume base prices increased $10/st w/w to $940/st. Our coated indices have risen $45-50/st compared to their mid-July lows.
This week our plate index held steady for the third consecutive week at $950/st. Plate prices have declined $70/st over the last two months and have overall trended downward since late last year.
SMU’s sheet price momentum indicator remains at neutral following our Sept. 10 adjustment. Our plate price momentum indicator remains at lower.

Hot-rolled coil
The SMU price range is $660-730/st, averaging $695/st FOB mill, east of the Rockies. The lower end of our range is unchanged w/w, while the top end is up $10/st w/w. Our overall average is up $5/st w/w. Our price momentum indicator for hot-rolled steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Hot rolled lead times range from 3-7 weeks, averaging 4.9 weeks as of our Sept. 11 market survey. We will publish updated lead times this Thursday.
Cold-rolled coil
The SMU price range is $890–1,000/st, averaging $945/st FOB mill, east of the Rockies. The lower end of our range is down $10/st w/w, while the top end is unchanged w/w. Our overall average is down $5/st w/w. Our price momentum indicator for cold-rolled steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Cold rolled lead times range from 5-8 weeks, averaging 6.7 weeks through our latest survey.
Galvanized coil
The SMU price range is $860–980/st, averaging $920/st FOB mill, east of the Rockies. Our range is unchanged w/w. Our price momentum indicator for galvanized steel remains at neutral, meaning we see no clear direction for prices over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $957–1,077/st, averaging $1,017/st FOB mill, east of the Rockies.
Galvanized lead times range from 6-8 weeks, averaging 7.2 weeks through our latest survey.
Galvalume coil
The SMU price range is $900–980/st, averaging $940/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 w/w. Our overall average is up $10/st w/w. Our price momentum indicator for Galvalume steel 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 $1,194–1,274/st, averaging $1,234/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-9 weeks, averaging 7.3 weeks through our latest survey.
Plate
The SMU price range is $900–1,000/st, averaging $950/st FOB mill. Our range 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 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 Steel Prices

Steel buyers ignore tariff noise amid slow summer market
Section 232 tariffs have doubled to 50%. Reciprocal tariffs rates remain uncertain. But while prices have softened on even softer sentiment, tariffs have firmed the floor.

CRC price declines tighten US vs. EU gap
Cold-rolled (CR) coil prices continued to tick lower in the US this week, with a similar trend seen in offshore markets.

CRU Outlook: Near-term regional steel price trends will diverge
Chinese steel export prices are expected to rise and support prices across most of Asia in the coming month. In Europe, buyers are likely to frontload import orders ahead of CBAM imposition, while new trade agreements are likely to emerge in the US. Steel prices in the APAC are expected to rise, except in India […]

HR Futures: Summer doldrums prevail
Not much to report on from the sleepy HRC futures market in the thick of the summer doldrums with trading volume nearly grinding to a halt.

US, EU HR prices decline, doubled S232 tariffs maintain the gap
Stateside prices continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.