Steel Prices
SMU price ranges: No overall increases in sheet or plate this week
Written by Brett Linton
October 29, 2024
SMU price indices declined again this week for all products other than hot-rolled sheet. Our indices have trended lower across October, falling as much as $75 per short ton (st) in that time.
Sheet prices remain near multi-month lows, similar to levels seen around late July/early August. Plate prices continue to edge lower from their mid-2022 peak, declining for the fifth consecutive week.
SMU’s hot-rolled steel index held steady at $685/st this week, while cold rolled slipped $10/st to $915/st. Our galvanized index fell $10/st week over week (w/w) to $870/st, while Galvalume declined $15/st to $905/st. Plate prices fell $15 w/w to $895/st. They now stand at lows not seen since the first week of 2021.
Recently announced price increases from U.S. Steel and Nucor have had limited impact on prices as of yet. But it’s still too soon to say. We have adjusted our sheet price momentum indicator from lower to neutral this week as we wait to see whether the price hikes will stick. Before last week, our sheet momentum indicator had been at neutral for six weeks. We have adjusted our plate price momentum indicator to neutral for similar reasons following SSAB’s price hike.
Hot-rolled coil
The SMU price range is $640-730/st, averaging $685/st FOB mill, east of the Rockies. The lower end of our range is down $10/st w/w, while the top end is up $10/st w/w. Our overall average is unchanged w/w. Our price momentum indicator for hot-rolled steel has been adjusted to neutral, meaning we see no clear direction for prices over the next 30 days.
Hot rolled lead times range from 3-6 weeks, averaging 4.6 weeks as of our Oct. 23 market survey.
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 unchanged w/w, while the top end is down $20/st w/w. Our overall average is down $10/st w/w. Our price momentum indicator for cold-rolled steel has been adjusted to neutral, meaning we see no clear direction for prices over the next 30 days.
Cold rolled lead times range from 5-9 weeks, averaging 6.4 weeks through our latest survey.
Galvanized coil
The SMU price range is $840–900/st, averaging $870/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 w/w. Our overall average is down $10/st w/w. Our price momentum indicator for galvanized steel has been adjusted to neutral, meaning we see no clear direction for prices over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $937–997/st, averaging $967/st FOB mill, east of the Rockies.
Galvanized lead times range from 5-8 weeks, averaging 6.7 weeks through our latest survey.
Galvalume coil
The SMU price range is $860–950/st, averaging $905/st FOB mill, east of the Rockies. The lower end of our range is down $20/st w/w, while the top end is down $10/st w/w. Our overall average is down $15/st w/w. Our price momentum indicator for Galvalume steel has been adjusted to neutral, meaning we see no clear direction for prices over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,154–1,244/st, averaging $1,199/st FOB mill, east of the Rockies.
Galvalume lead times range from 6-7 weeks, averaging 6.8 weeks through our latest survey.
Plate
The SMU price range is $840–950/st, averaging $895/st FOB mill. The lower end of our range is up $20/st w/w, while the top end is down $50/st w/w. Our overall average is down $15/st w/w. Our price momentum indicator for plate has been adjusted to neutral, meaning we see no clear direction for prices over the next 30 days.
Plate lead times range from 2-6 weeks, averaging 4.0 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
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