Final Thoughts
October 29, 2014
Final Thoughts
Written by John Packard
I adjusted the SMU Price Momentum Indicator from Lower to Neutral in recognition of the attempt by the domestic steel mills to reverse the price trend and move prices higher. A Neutral indicator means prices could move in either direction (or remain stable) over the next 30 days.
I understand two mills have made very modest price announcements of $20 per ton (AK Steel & US Steel). A third mill, Nucor, began verbally telling their customers today that their prices are up $20 per ton. However, I have not yet seen some of the other mills, who would normally fall in line with the AK and USS moves, making their announcements.
