SMU Price Momentum Indicator Adjusted to Lower

For the past nine weeks, Steel Market Update (SMU) has had our Price Momentum Indicator at Neutral. A neutral rating means the market is either in transition or does not have enough momentum to push steel prices in one direction or another. Earlier today SMU adjusted our indicator to “Lower” from Neutral which is a sign that we anticipate flat rolled steel prices will move lower over the next 30 to 60 days.

We are making this adjustment due to the following circumstances which we believe are and will impact the market in the coming days and weeks.