Steel Prices
SMU price ranges: Market picks up steam
Written by Brett Linton
February 4, 2025
SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by $10/st.
Our hot-rolled steel index climbed for the second consecutive week, rising $25/st week over week (w/w) to $725/st. Hot-rolled tags are now at their highest rate since June 2024.
Cold-rolled prices rose to $910/st, tied with early January for a three-month high.
Our galvanized index jumped to $875/st, now back to levels last seen in early December. Galvalume prices also gained traction, rising to a 14-week high of $905/st.
Plate prices increased for the second week in a row, reaching a near-four-month high of $910/st this week.
SMU’s price momentum indicator is now at higher for all sheet and plate products, following last week’s adjustment to higher for hot-rolled coil and plate.
Refer to Table 1 for the latest SMU steel price indices and how prices have trended in recent weeks.
Hot-rolled coil
The SMU price range is $690-760/st, averaging $725/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is up $40/st w/w. Our overall average is up $25/st w/w. Our price momentum indicator for hot-rolled steel remains at higher, meaning we expect prices to increase over the next 30 days.
Hot rolled lead times range from 4-6 weeks, averaging 5.0 weeks as of our Jan. 22 market survey. We will publish updated lead times in our Thursday issue.
Cold-rolled coil
The SMU price range is $870–950/st, averaging $910/st FOB mill, east of the Rockies. The lower end of our range is up $30/st w/w, while the top end is unchanged. Our overall average is up $15/st w/w. Our price momentum indicator for cold-rolled steel has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Cold rolled lead times range from 4-8 weeks, averaging 6.6 weeks through our latest survey.
Galvanized coil
The SMU price range is $840–910/st, averaging $875/st FOB mill, east of the Rockies. The lower end of our range is up $20/st w/w, while the top end is up $30/st w/w. Our overall average is up $25/st w/w. Our price momentum indicator for galvanized steel has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Galvanized .060” G90 benchmark: SMU price range is $937–1,007/st, averaging $972/st FOB mill, east of the Rockies.
Galvanized lead times range from 4-8 weeks, averaging 6.4 weeks through our latest survey.
Galvalume coil
The SMU price range is $840–970/st, averaging $905/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is up $60/st w/w. Our overall average is up $35/st w/w. Our price momentum indicator for Galvalume steel has been adjusted to higher, meaning we expect prices to increase over the next 30 days.
Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,134–1,264/st, averaging $1,199/st FOB mill, east of the Rockies.
Galvalume lead times range from 4-8 weeks, averaging 6.5 weeks through our latest survey.
Plate
The SMU price range is $850–970/st, averaging $910/st FOB mill. The lower end of our range is down $10/st w/w, while the top end is up $30/st w/w. Our overall average is up $10/st w/w. Our price momentum indicator for plate remains at higher, meaning we expect prices to increase over the next 30 days.
Plate lead times range from 2-6 weeks, averaging 4.5 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 Steel Prices
SMU price ranges: Market stabilizes as summer slowdown begins
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
CRU: Pig iron prices stable to low in key markets amid soft demand
Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
SMU price ranges: Indices drop across the board
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
HRC vs. prime spread narrows further in May
The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.
Miller on Pig Iron: Buyers eye lower prices
Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.