SMU Data and Models
April 1, 2022
Steel Buyers Sentiment Rises Again, Nears Six-Month High
Written by Brett Linton
SMU’s Steel Buyers Sentiment Index moved 3 points higher this week, following an 11 point surge in mid-March. Theses jumps in sentiment correlate with the unexpected rebound in steel prices caused by the Ukraine-Russia war.
Steel Market Update’s latest check of the market pegged the benchmark price for hot rolled coil at $1,435 per ton ($71.75 per cwt), up from $1,000 per ton in early March. The spread between current and future sentiment suggests that the market feels positive about strengthening steel prices today but is somewhat concered about the future because of the war, inflation and lingering supply-chain issues.
