SMU price ranges: No overall increases in sheet or plate this week - Steel Market Update

Steel Prices

Written by Brett Linton

October 29, 2024

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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.

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.

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.

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.

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.

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 [email protected].

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 [email protected] or 724-314-0179.

Cleveland-Cliffs is keeping its market price for HRC flat at $750/short ton with the opening of its December order book.

Nucor has raised its weekly consumer spot price (CSP) for hot-rolled (HR) coil by $20 per short ton (st), now at $740/st as of Monday, Oct. 28.

US plate prices are at their lowest level in almost four years, and less than half of what they were when they reached an all-time high of $1,940 per short ton (st) in May 2022.

The price spread between US-produced cold-rolled (CR) coil and offshore products was negligibly tighter in the week ended Oct. 25, on a landed basis.