What are steel prices today?

Hot-rolled steel sheet prices, as of January 11 were $712/ton. up roughly $45/ton from the previous month. Domestic sheet mills announced a series of increases to kick off 2023 shipments as they attempt to raise prices, bolstered by rising input cost and strong orderbooks that typically play out early in the year.

  • Could the price of steel be impacted by China lifting its zero-COVID policies? China typically accounts for nearly 60% of the world’s demand and production of many major commodities. Those consumption and production levels have, of course, been lesser due to a slowdown in China’s manufacturing economy.

    But as rumblings of lifting restrictions began in late 2022, the price of commodities started to increase. In the clip below, Nick Webb, Ryerson's director of risk management, commodity hedging, dives into what this could mean for global steel prices. 


What is the Price of Steel Plate?

  • Plate prices have declined in recent months (as of January 11, the price of steel plate was $1,438/ton) but the historical price gap remains between plate mill plate and hot-rolled carbon prices.

    But why? Brian Crane, Ryerson’s product manager for carbon flat roll and plate in the west region, says it’s a combination of robust end-user demand and limited capacity for plate.

“We are seeing some first-stage infrastructure projects coming online, many of which require material to be sourced domestically,” says Crane. “And while the market is anticipating additional capacity coming online for sheet this year, there isn’t the same expectation for plate. That means current plate mills are quite busy keeping up with demand.”

What is the Capacity Utilization Rate for Steel Mills?

Domestic mills reported a capacity utilization rate of 71.3% in the week ending January 7, according to the American Iron and Steel Institute. This is down from the utilization rate of 79.8% in the same week last year, and slightly down from 71.8% the week prior. 

What is the Price of Coated Steel?

As of January, the price of coated steel was roughly $1,036/ton. For more on galvanized steel, check out this articleNeed to explore the current stock of carbon steel? Browse our shop here