SMU Data and Models
November 4, 2013
SMU Price Momentum Indicator Adjusted to Higher from Neutral
Written by John Packard
On Thursday, October 31st Steel Market Update adjusted our Price Momentum Indicator from Neutral to Higher. We now believe domestic flat rolled steel prices will rise over the next 30 to 60 days.
We have already begun reporting prices as rising over the past three weeks. Prices on benchmark hot rolled coil had been bouncing around the $635 to $650 average going back to the second week of July. Prior to the 15th of October when HRC was measured at $655 per ton, we had seven weeks of relative calm with prices averaging $640 per ton and not moving up or down more than $5 per ton in any one week.
