Steel Prices

SMU price ranges: Market slows a bit amid tariff uncertainty

Written by Brett Linton

March 11, 2025

After over a month of increases, steel prices paused this week for some of the products tracked by SMU. Three of our price indices continued to climb, while two held steady from the prior week.

Hot-rolled and cold-rolled coil prices continue to rise, though the gains seen this week are not as strong as those experienced across February. Plate prices maintained their upward momentum, rising $60 per short ton (st) this week. Coated prices remained unchanged from last week. Most of our indices are at their highest level witnessed in 10 months, except for hot rolled, which was last this high in early February 2024.

What is behind the market’s pause? Primarily, the uncertainty around tariffs has grown as buyers wait for the story to unfold. Also, March scrap prices may not rise as much as initially expected.

SMU’s price momentum indicator remains at higher for all sheet and plate products, indicating we expect prices to increase in the short term.

Refer to Table 1 (click to expand) for the latest SMU steel price indices and how prices have trended in recent weeks.

Hot-rolled coil

The SMU price range is $900-1,000/st, averaging $950/st FOB mill, east of the Rockies. The lower end of our range is up $50/st week over week (w/w), while the top end is unchanged. 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 4-8 weeks, averaging 5.9 weeks as of our March 5 market survey.

Cold-rolled coil

The SMU price range is $1,050–1,180/st, averaging $1,115/st FOB mill, east of the Rockies. The lower end of our range is up $30/st w/w, while the top end is up $20/st w/w. Our overall average is up $25/st w/w. Our price momentum indicator for cold-rolled steel remains at higher, meaning we expect prices to increase over the next 30 days.

Cold rolled lead times range from 6-10 weeks, averaging 7.7 weeks through our latest survey.

Galvanized coil

The SMU price range is $1,050–1,150/st, averaging $1,100/st FOB mill, east of the Rockies. The lower end of our range is up $10/st w/w, while the top end is down $10/st w/w. Our overall average is unchanged w/w. Our price momentum indicator for galvanized steel remains at higher, meaning we expect prices to increase over the next 30 days.

Galvanized .060” G90 benchmark: SMU price range is $1,147–1,247/st, averaging $1,197/st FOB mill, east of the Rockies.

Galvanized lead times range from 6-10 weeks, averaging 7.9 weeks through our latest survey.

Galvalume coil

The SMU price range is $1,070–1,150/st, averaging $1,110/st FOB mill, east of the Rockies. Our entire range is unchanged w/w. Our price momentum indicator for Galvalume steel remains at higher, meaning we expect prices to increase over the next 30 days.

Galvalume .0142” AZ50, grade 80 benchmark: SMU price range is $1,364–1,444/st, averaging $1,404/st FOB mill, east of the Rockies.

Galvalume lead times range from 6-10 weeks, averaging 8.0 weeks through our latest survey.

Plate

The SMU price range is $1,120–1,260/st, averaging $1,190/st FOB mill. Our entire range has shifted $60/st higher 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 3-8 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

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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