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Oct 18, 2024

SMU price ranges: Sheet indices mixed, plate stable - Steel Market Update

Steel Prices Written by Brett Linton September 24, 2024 Share on LinkedIn SMU’s steel price indices were mixed this week as the market seeks direction. Prices for hot rolled and Galvalume steel

Steel Prices

Written by Brett Linton

September 24, 2024

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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.

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.

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.

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.

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.

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 [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.

US hot-rolled (HR) coil prices slipped again this past week, mirroring movement in offshore markets. This kept domestic tags marginally higher than imports on a landed basis.

Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.

After holding its weekly spot price for hot-rolled (HR) coil steady for three weeks at $730 per short ton (st), Nucor lowered the price this week by $10/st.

The price gap between US-produced cold-rolled (CR) coil and offshore products narrowed slightly again in the week ended Oct. 11, mainly due to a stateside price cut.

CRU Principal Analyst Josh Spoores shares insight into the hot-rolled coil futures market.