SMU Data and Models
May 16, 2017
SMU Price Momentum Indicator Adjusted to Lower
Written by John Packard
In a move that has been building over the past few weeks, today Steel Market Update (SMU) is moving our Price Momentum Indicator to Lower from Neutral. Our belief at this point is flat rolled steel prices will continue their drift lower over the next 30-60 days as we approach what many in the steel industry call “the summer doldrums.”
Flat rolled steel prices have been in a state of decline for a number of weeks as benchmark hot rolled prices peaked at the end of March at $655 per ton and have since dropped $50 per ton.
