SMU Price Ranges & Indices: Small Ups and Downs

Flat rolled and plate steel prices were flat to down slightly this week with the exception of a small increase in cold rolled, according to Steel Market Update’s check of the market on Monday and Tuesday. The small ups and downs in steel prices over the past month are in line with most buyers’ expectations of a gradual, uneven correction heading into next year. Hot rolled steel topped out at $1,955 per ton as reported by SMU on Sept. 7 and now averages $1,920 per ton, down $10 from a week ago and down $35 from last month. Service center and manufacturing executives tell SMU demand remains very strong and they are optimistic about their prospects in the coming weeks and months. The market has yet to feel the full impact of lower-priced foreign steel as import arrivals have been slowed by supply-chain bottlenecks. SMU will keep its Price Momentum Indicators at Neutral until the market establishes a clear direction.

Hot Rolled Coil: SMU price range is $1,870-$1,970 per net ton ($93.50-$98.50/cwt) with an average of $1,920 per ton ($96.00/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $30 per ton compared to last week, while the upper end increased $10. Our overall average is down $10 per ton from one week ago. Our price momentum on hot rolled steel will remain Neutral until the market establishes a clear direction.