Is the price of steel going up or down? What are steel prices today?

What is the price of steel? 

  • Domestic prices for metal sheet remain below the highs of 2023, but are moving slightly higher as of late. However, the price of $839/ton as of April 17 is slightly higher than $817/ton last month.

 

Increases for base pricing for hot roll products from a few of the major mills have been impacting the market. Cleveland Cliffs, for example, set at a minimum of $900/ton, while Nucor’s new spot base price for hot rolled coil is $835/ton for all its mills. The one exception from this pricing is its CSI mill, which has a higher base price of $890/ton.

Nick Webb, Ryerson's director of risk management, commodity hedging, breaks down what all this means: 

Market conditions that characterized in the domestic steel market late in 2023, rising prices and cautious production, seem poised for a potential shift. According to Webb, this is due in part to import dynamics, raw material costs, and market expectations.

For instance, a raw material inflation trend in scrap and iron ore prices, has been noteworthy. Though these price hikes don’t solely justify the substantial surge in steel prices, when combined with the factors like lower production, utilization rates, and stockpiling, they have contributed to the current market volatility.

What is the Price of Steel Plate?

As of April 17, steel plate prices were at $1,225/ton, down roughly $100/ton over the past few months. The pricing spread between PMP (plate mill plate) and HRC remains above historical norms at more than $400.

What is the Capacity Utilization Rate for Steel Mills?

According to the American Iron and Steel Institute, for the week ending on April 13, 2024, domestic raw steel production was 1.726 million net tons while the capacity utilization rate was 77.7%. This is down from 1.769 million net tons and a capacity utilization rate of 78.6% in the week prior.

What is the Price of Coated Steel?

The price of coated steel, which had been quiet for some time, has been making some news lately. Current premiums for galvanized steel are approximately $400 over hot roll coil prices—a substantial increase compared to historical averages. This trend signifies a significant market shift, with the market dynamics favoring value-added steel products.

Webb suggests that the widening spread between hot roll coil and value-added steel variants like galvanized steel reflects robust demand in key sectors such as HVAC and automotive.

Also contributing to the increasing spread are recent price hikes in zinc—a primary component used in galvanization. In early April, zinc prices rose by 6 to 8% in just a few days, indicating potential cost pressures on coating extras for steel.

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With a vast inventory of steel, stainless, aluminum, alloy, and more, we are committed to providing our customers with the metal and services they need to succeed. We stock a range of shapes and sizes, or we can provide processing and fabrication for every product we sell.

Order online at Ryerson.com for comprehensive pricing and fast delivery, or contact us today to learn more about how we can meet your metal needs.

  

 


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