Final Thoughts
August 4, 2017
Final Thoughts
Written by John Packard
I adjusted our Price Momentum Indicator from Higher to Neutral. I did this after spending time analyzing the results from last week’s flat rolled steel market trends survey, looking at what was being recorded by some of the other indexes, noting that Congress and the president are on holiday for a few weeks and there doesn’t seem to be a clear focus on exactly what the catalyst is to move prices higher.
I am sure that from the steel mills’ perspective the catalyst might be scrap increasing as scrap has moved higher by $10 to $30 per gross ton. There were nine sales of scrap to be exported to Turkey with those prices being up $30 per gross ton. This has moved East Coast prices by $20 to $30 per gross ton.
