Steel Market Update Price Momentum Indicator Moved to Neutral from Higher
On Tuesday, Steel Market Update adjusted our SMU Price Momentum Indicator to “Neutral” from Higher. The change to Neutral means flat rolled steel buyers need to watch the flat rolled steel market closely for signals of a change in the pricing cycle. Since early November 2011 flat rolled steel prices – which includes hot rolled, cold rolled, galvanized and Galvalume steels – have been rising. According to Steel Market Update index data prices have risen from $105 per ton to its current level of $745 per ton.
In our most recent issue of our Steel Market Update newsletter published for our annual and trial members on Tuesday evening, SMU provided the reasons for the change to Neutral and what we think this means for steel prices over the next few weeks.
You can learn more about not only our SMU Price Momentum Indicator but our proprietary price ranges and indexes which were also published in that same issue. Other topics included an article about Essar Steel Algoma, AK Steel earnings, West Coast flat rolled pricing and the threat from foreign steel, Marmon Keystone’s loss of their Birmingham facility to a storm on Monday morning and more.
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We also encourage our readers to check out our educational workshops and conferences with our next Hedging Price Risk workshop to be held in Houston, Texas on February 9, 2012.