SMU Survey: Domestic Mill Lead Times

Last year at this time hot rolled steel prices averaged $670 per ton and were close to the peak for the year which was $680 per ton (SMU index HRC average). Lead times peaked the first week in December on all flat rolled with the exception of Galvalume. From mid-December 2013 until the middle of February 2014 lead times shrunk as did our HRC average which bottomed at $620 per ton by the middle of March 2014.

The total move in HRC pricing was $60 per ton from peak to valley before moving up to $685 per ton by early May and we have been on a very slow drift lower since then with our current number only $50 per ton lower than the cycle peak ($635 vs. $685).