Final Thoughts
January 21, 2019
Final Thoughts
Written by John Packard
Another hectic day in the steel industry – at least for me. Steel buyers seemed to be taking a wait-and-see approach to the market at the moment, but this too will change (it always does). At the moment, I still have our Price Momentum Indicator pointing toward “Lower” spot prices over the next 30 days. The question in my mind is what will be the catalyst to move prices – here on the East Coast I don’t think that catalyst will be the announcements of up $40 by California Steel and USS/POSCO.
I did not have an opportunity to listen in on the Steel Dynamics earnings conference call this morning. One of the steel executives with whom I spoke late this afternoon told me that Mark Millett, CEO of SDI, was upbeat and optimistic about the prospects for 2019.
