SMU CEO Discusses Flat Rolled Steel Prices

Let’s play “fun facts.”

Last week Steel Market Update published our average hot rolled steel spot price as $885 per ton ($44.25/cwt). With the domestic steel mills asking $900-$960 per ton for new orders of spot (if they are offering at all, which is a separate issue all by itself) SMU expects HRC spot prices to break through the $900 per ton barrier potentially as soon as this week. Josh Spoores, Principal Analyst at CRU, is expecting HRC prices to meet (or exceed) $1,000 per ton in the coming weeks. We are a long way away from the $440 per ton we reported as our HRC average on Aug. 11.