HR Price Drops & Price Momentum Indicator Now at Neutral

Steel Market Update (SMU) has been struggling to get a clear view of the current market situation as we attempt to identify which direction we see flat rolled steel prices going from here. We have been receiving mixed messages over the past two weeks and we have been advising our readers to remain vigilant and stay close to your suppliers as well as those who are providing you independent market intelligence.

So, this is how we are seeing the flat rolled steel markets right now. Benchmark hot rolled has been weakening over the past one to two weeks. Not every mill is reacting to the market and not every plant within a mill group is reacting the same. We have seen multiple price points indicating hot rolled coil base prices in the $600-$610 with some reporting spot prices (with tons) under $600 per ton.