Economy
September 30, 2018
September at a Glance
Written by John Packard
The month of September saw steel prices continue a steady decline that began in August. Steel Market Update data in the table below shows the benchmark hot rolled price slid from more than $900 per ton in the summer to the current price around $854. The same for cold rolled, which went from $1,000 a ton to about $956. The price of zinc has declined to $1.10 per pound, prompting the mills to lower their coating extras and the price of galvanized products. Ferrous scrap prices also have declined by about $40 per ton over the past three months, adding downward pressure on finished steel prices. SMU’s Price Momentum Indicator remains at Lower, meaning prices are expected to continue dropping for the next 30 days.
SMU’s Buyers Sentiment Index remains at optimistic levels, though Future Sentiment has shown a slight erosion as contentious trade negotiations between the United States and its foreign trading partners make the future uncertain.
