SMU Price Ranges: HRC Dips Below $800 per ton

Sheet prices were mixed this week with hot-rolled coil (HRC) and galvanized base prices slipping again even as cold-rolled tags inched up.

SMU’s average hot-rolled coil price stands at $795 per ton ($40 per cwt), $15 per ton lower than last week and marking a fourth consecutive week of declines.

Our HRC price has not been below $800 per ton since late January, according to our pricing records.

To be clear, some sources reported HRC transactions significantly higher than $800 per ton. But others continued to report material being offered well below that threshold.

Market participants noted that prices in the Midwest/Great Lakes region, for example, remained under pressure. HRC from Canada was offered into northwest Indiana in the mid/high $700s per ton, some said. Certain domestic mills, meanwhile, have been selling for only slightly more than that, they added.

Volume deals – think 10,000 tons or more – were reported as low as ~$700 per ton. We did not place the low end of our range there because the tonnage was too high to be widely available to spot buyers.

But while HRC continued to slip, some sources noted more stability in the market than in past weeks. Case in point: Cold-rolled prices were up $5 per ton and Galvalume prices were unchanged.

SMU also kept its plate price range unchanged.

With the possibility of a UAW strike hanging over the market, however, we have decided to keep our sheet price momentum indicators pointing lower. Our plate price momentum indicator remains at neutral.

Hot-Rolled Coil

The SMU price range is $760–830 per net ton ($38.00–41.50 per cwt), with an average of $795 per ton ($39.75 per cwt) FOB mill, east of the Rockies. The bottom end of our range was down $10 per ton vs. one week ago, while the top end was $20 per ton lower week on week (WoW). Our overall average is down $15 per ton WoW. Our price momentum indicator for hot-rolled coil is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Hot-Rolled Lead Times: 3–6 week

Cold-Rolled Coil

The SMU price range is $980–1,060 per net ton ($49.00–53.00 per cwt), with an average of $1,020 per ton ($51.00 per cwt) FOB mill, east of the Rockies. The lower end of our range was up $10 per ton WoW, while the top end was unchanged compared to a week ago. Our overall average is up $5 per ton WoW. Our price momentum indicator on cold-rolled coil is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Cold-Rolled Lead Times: 5–8 weeks

Galvanized Coil

The SMU price range is $950–1,040 per net ton ($47.50–52.00 per cwt), with an average of $995 per ton ($49.75 per cwt) FOB mill, east of the Rockies. The lower end of our range was down $10 per ton vs. last week, while the top end of our range was also down $10 per ton vs. one week ago. Our overall average is $10 per ton lower vs. the prior week. Our price momentum indicator on galvanized steel is pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Galvanized .060” G90 Benchmark: SMU price range is $1,047–1,137 per ton with an average of $1,092 per ton FOB mill, east of the Rockies.

Galvanized Lead Times: 4-9 weeks

Galvalume Coil

The SMU price range is $1,000–1,060 per net ton ($50.00–53.00 per cwt), with an average of $1,030 per ton ($51.50 per cwt) FOB mill, east of the Rockies. The lower end and the top end of the range were unchanged vs. last week, thus our overall average was sideways when compared to one week ago. Our price momentum indicator on Galvalume steel is still pointing lower, meaning SMU expects prices will decline more over the next 30 days.

Galvalume .0142” AZ50, Grade 80 Benchmark: SMU price range is $1,294–1,354 per ton with an average of $1,324 per ton FOB mill, east of the Rockies.

Galvalume Lead Times: 6–8 weeks

Plate

The SMU price range is $1,400–1,570 per net ton ($70.00–78.50 per cwt), with an average of $1,485 per ton ($74.25 per cwt) FOB mill. The lower end and the top end of our range were unchanged compared to the prior week. Our overall average was sideways vs. the prior week. Our price momentum indicator on steel plate remains at neutral, meaning we are unsure of what direction prices will go over the next 30 days.

Plate Lead Times: 3–8 weeks

SMU Note: Below is a graphic showing our hot rolled, cold rolled, galvanized, Galvalume, and plate price history. This data is 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.