Economy
November 3, 2020
SMU's October At-a-Glance
Written by Brett Linton
Steel prices continued to climb in October as demand rose further on hot rolled, cold rolled and galvanized products. Steel Market Update’s hot rolled price index averaged $665 per ton in October, up nearly $100 over the previous month and up over $200 compared to August. The SMU Pricing Momentum Indicator remained at Higher, indicating prices are expected to rise over the next 30 days. Prices for prime and obsolete scrap were relatively steady compared to the month prior.
The SMU Buyers Sentiment Index peaked at +68 in mid-October, keeping the upward momentum seen in August and September. Both Current and Future Sentiment remained optimistic considering the ongoing pandemic; the three-month moving average reached +56.33 as of Oct. 30, steady over September levels and up significantly compared to August.
