SMU Data and Models
February 11, 2014
SMU Price Momentum Indicator Revised to Lower
Written by John Packard
On Monday, Steel Market Update revised our SMU Price Momentum Indicator from Neutral to Lower. The adjustment means we anticipate flat rolled steel prices will move lower over the next 30 to 60 days. At the time of the change, SMU benchmark hot rolled coil was published at $660 per ton.
The last adjustment to our Momentum Indicator was made on January 14, 2014 when we moved to Neutral after two and half months of being at Higher (October 31, 2013). On January 14th our benchmark hot rolled price average was $670 per ton. Our Hot rolled average peaked at $675 per ton one week later before beginning to pull back over the next two weeks to the $660 level reported this past week.
