Buyers of flat rolled and plate steels provided insights into the market to Steel Market Update throughout the day. On the flat rolled side, steel buyers seemed to be resigned to paying higher prices. Flat rolled price quotes are firming at the domestic mills, and the mills may well achieve their desired minimums of $500-$520 […] The post Steel Buyers React to New Prices, Demand Levels appeared first on Steel Market Update.
“Vacation: An extended period of recreating, especially one spent away from home or traveling.” Last week I took “vacation” time off, and unlike the definition above I did little recreating, rarely strayed from home, and did no traveling. How restful is that? The big news from last week was an apparent “firming” of steel prices. […] The post Final Thoughts appeared first on Steel Market Update.
Today, Steel Market Update adjusted our flat rolled Price Momentum Indicator to Neutral. We are of the opinion, based on intelligence we are gleaning from steel buyers, that steel prices are in transition. We no longer believe prices on hot rolled, cold rolled, galvanized and Galvalume will decline over the next 30 days. However, a […] The post SMU Moves Price Momentum Indicator to Neutral appeared first on Steel Market Update.
There is going to be a rush of bad news flooding televised and online media. Here at Steel Market Update, we and our parent company The CRU Group will do everything we can to keep readers advised with the most accurate and timely information possible. This is one of the reasons we are beginning our […] The post Final Thoughts appeared first on Steel Market Update.
It is rare that market direction is clear and uncontested. There have been a few times during my 42-year steel career when it was obvious steel prices were going to be higher tomorrow than they are today. It was during one of those times in history that I began writing a note to my steel […] The post Steel Market Direction – Comments from SMU CEO John Packard appeared first on Steel Market Update.
It is rare that market direction is clear and uncontested. There have been a few times during my 42-year steel career when it was obvious prices were going to be higher tomorrow than they are today. It was during one of those times in history that I began writing a note to my steel buying […] The post Final Thoughts appeared first on Steel Market Update.
We will begin our mid-February flat rolled and plate steel market trends analysis at 8 a.m. on Monday. Currently we are inviting approximately 560 individuals to participate in the market questionnaire, which takes about 4-8 minutes to complete. If you receive an invitation, please take a few minutes to provide your insights as they are […] The post Final Thoughts appeared first on Steel Market Update.
On Thursday February 13 we shared an overview of the 2020 SMU Steel Summit Conference agenda. If you did not see Thursday evening’s issue of Steel Market Update, you can find the agenda on our website. We also published some of the “keys” regarding this our 10th SMU Steel Summit Conference. Those were also published […] The post Update on Upcoming SMU Steel Summit Conference and Steel 101 Workshop appeared first on Steel Market Update.
Virgin steel is made with iron ore, coke and limestone. It was done that way, and only that way, for many decades. Then along came the “mini” mills. So-called minimills recycle ferrous scrap, mixing it with pig iron or other iron units and melting it down in large electric arc furnaces to produce new steel. […] The post Seats Still Available for California Steel 101 Workshop appeared first on Steel Market Update.
John Packard is traveling… Here’s what readers of Steel Market Update have learned this week. Steel prices continue to slide. By Steel Market Update’s calculation, the benchmark price for hot rolled steel now averages $515 per ton. That’s the lowest in 2019. Given the widespread reports of disappointing demand, worsened by the strike at GM […] The post Final Thoughts appeared first on Steel Market Update.