SMU Price Ranges & Indices: More Declines for Sheet, Plate

Steel Market Update’s check of the market this week shows both flat rolled and plate prices declining by another $10-25 per ton. The declines were not unexpected and are in line with the downtrend that has materialized in the last two months as seasonal dips in demand and competition from imports put pressure on domestic prices. The benchmark price for hot rolled now averages $1,855 per ton, down $20 in the past week and a $100 decline from the peak of the market in early September. Prices for cold rolled and coated products are down $10-15 per ton, while plate saw a slightly bigger dip at down $25 despite price hikes announced by mills in recent weeks. SMU’s Price Momentum Indicator is pointing Down for hot rolled, but remains Neutral for other products until their trend is more firmly established.

Hot Rolled Coil: SMU price range is $1,775-$1,935 per net ton ($88.75-$96.75/cwt) with an average of $1,855 per ton ($92.75/cwt) FOB mill, east of the Rockies. The lower end of our range decreased $70 per ton compared to last week, while the upper end increased $30. Our overall average is down $20 per ton from one week ago. Our price momentum on hot rolled steel is Lower, meaning we expect prices to decrease over the next 30 days.