Final Thoughts
October 23, 2019
Final Thoughts
Written by John Packard
Over the past couple of weeks, Steel Market Update has been suggesting flat rolled steel prices were at a bottom and the domestic steel mills would soon announce price increases. Today, ArcelorMittal USA began advising customers of their intention to raise prices by $40 per ton. By the end of the workday, NLMK USA had followed suit in a letter to their clients.
As is our custom when the domestic steel mills begin announcing price increases, Steel Market Update has adjusted our Price Momentum Indicator on hot rolled, cold rolled, galvanized and Galvalume steels to Neutral. We had been referencing momentum as pointing toward lower prices for many weeks. We continue to reference plate price momentum as pointing toward lower pricing over the next 30 days.
