SMU Data and Models
June 18, 2020
Steel Buyers-Mill Price Momentum Struggling
Written by John Packard
Flat rolled steel price momentum, for spot pricing out of the domestic mills, continues to be in transition, and the SMU Price Momentum Indicator is at Neutral. Neutral means spot mill pricing could go in either direction over the next 30 days. However, SMU and our parent company CRU have both been reporting lower spot prices on benchmark hot rolled coil. This week the SMU HRC average was down $15 per ton at $500 per ton, FOB domestic mill, east of the Rockies.
Plate buyers are telling SMU that spot plate pricing appears to be firmer than flat rolled, although the longer-term view is mixed, so our Price Momentum Index on plate is also at Neutral. SMU’s discrete plate average was up $10 per ton this week compared to last. We reported our plate average at $610 per ton delivered.
