Economy
October 3, 2019
September at a Glance
Written by Brett Linton
September saw big downturns on both steel price momentum and steel buyers sentiment that aren’t readily evident in the monthly data (below) from Steel Market Update.
SMU’s Price Momentum Index was pointing downward for the entire month of September. The benchmark price for hot rolled steel averaged $565 per ton for the month, down nearly $20 from August. More telling about the current state of affairs is the hot rolled price at the end of the month, which averaged just $525 per ton. Given the signs of weakening demand, many buyers expect prices for all steel products to decline further in the fourth quarter.
