Final Thoughts
February 3, 2020
Final Thoughts
Written by John Packard
The question I am getting right now is, “Where is price momentum headed?” Good question.
The SMU Price Momentum Indicator continues to point toward higher prices over the next 30 days. However, we are not blind, and we have seen prices stall here at the beginning of the year. The way I am looking at this “stall” is the market digesting the rapid rise in spot prices we have seen since the end of October. Spot prices are up $100 to $140 per ton on hot rolled. The low point for hot rolled was $470 per ton reported on Oct. 22, 2019. This evening we are reporting HRC spot prices as averaging $585 per ton, down $5 per ton from one week ago.
