SMU's July at a Glance

Steel prices saw some stability early in July as an immediate response to mill price hikes mid-June, but they eventually resumed their downward movement. Hot-rolled coil (HRC) prices ended July at $830 per ton ($41.50 per cwt) on average, having fallen by $60 per ton throughout the month.

The SMU Price Momentum Indicator for sheet products shifted from Neutral to Lower halfway through July. Despite a momentary shift to Neutral when mills first announced their price position, the momentum changed downward as the mills’ price hikes failed to raise tags. The Price Momentum on plate shifted to Neutral at the end of April, and has remined there since as the market has yet to determine a clear direction.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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