Steel prices had upward momentum in November following multiple price increase announcements by the mills on flat rolled and plate products. Steel Buyers Sentiment moved upward along with the prices as service centers and OEMs anticipated a strengthening market. After bottoming in mid-October at around $480 per ton, the benchmark price for hot rolled steel […] The post SMU’s November At-a-Glance appeared first on Steel Market Update.
Steel prices continued their decline in October to an average hot rolled price below $500 per ton, prompting a $40 per ton price increase announcement by the flat rolled mills late in the month. With a price change in play, Steel Market Update switched its Price Momentum Indicator to Neutral. Widespread concerns about the declining […] The post October at a Glance appeared first on Steel Market Update.
Despite slight upward momentum in steel pricing in August, steel buyers’ sentiment languished in the +40s on SMU’s index. This tepid optimism likely reflects widespread concerns in the market about steel demand in the second half and the staying power of steel prices following the recent increases announced by the mills. The average price for […] The post August at a Glance appeared first on Steel Market Update.
The long-awaited rebound in steel prices was the biggest story of the month in July. Steel Market Update’s Price Momentum Indicator was pointing firmly upward by the end of the month following three $40 price increase announcements by flat rolled steel producers. The benchmark price of hot rolled steel hit $580 per ton in July, […] The post July at a Glance: Prices Up appeared first on Steel Market Update.
Steel prices dominated the industry headlines in June, falling between $60 and $85 per ton depending on the product, or roughly 10 percent. Steel Market Update received reports of deals on hot rolled steel below $500 per ton. The mills also made headlines late in the month with their announcement of a $40 per ton […] The post June at a Glance appeared first on Steel Market Update.
Steel Market Update’s Steel Buyers Sentiment Index dipped below the +50 mark and continued to erode last month as the uncertainty over tariffs and trade had a negative effect on buyers’ attitudes. With OEM and service center executives feeling less positive about their prospects for the next few months, as indicated by SMU Future Buyers […] The post May at a Glance: Sentiment Sags appeared first on Steel Market Update.
April saw steel prices lose momentum as hot rolled dipped to an average of $662, cold rolled to $803 and galvanized G90 to less than $900 per ton. Even plate, which has been in tight supply, has now moderated to around $964 per ton from prices near or above $1,000 earlier in the year. Steel […] The post April at a Glance appeared first on Steel Market Update.
January got off to a tentative start as steel prices continued to decline, leaving buyers with a cautious perspective on the months ahead. Steel Market Update’s Buyers Sentiment Index shows buyers slightly less optimistic than they were in November. Sentiment factors into buyers’ decision-making about such factors as purchasing, inventory levels, capital investment and hiring. […] The post January at a Glance: Year Off to a Tenative Start appeared first on Steel Market Update.
The year ended on a cautionary note with steel demand, prices and buyers’ sentiment showing downward momentum in December. Prices for flat rolled products continued their fourth-quarter declines with hot rolled dipping to $754, cold rolled to $865 and galvanized to $931 in December. Plate is the notable exception, holding steady around $1,000 per ton, […] The post December at a Glance: Downward Momentum appeared first on Steel Market Update.
Led by the Detroit scrap buyers, ferrous scrap traded sideways in most markets that had been concluded by the end of the day on Friday. Shredded scrap prices in the Detroit area were unchanged at $330-$345 per gross ton, while prime grades continue to trade at $370-$380 per gross ton. There were few if any […] The post February Ferrous Scrap Trades Sideways appeared first on Steel Market Update.