Steel Products
SMU MoMo Negative for Fourth Week
Written by John Packard
February 8, 2013
Utilizing a trailing average hot rolled coil (HRC) price, the SMU Price MoMo Index for flat rolled steel in the U.S. remained below zero percent this week for the fourth week after eight consecutive weeks of positive momentum readings.
MoMo is based upon the current hot rolled coil price weighed against the previous 12 week average spot price as recorded by Steel Market Update. MoMo, as we like to call it so as to not confuse it with our SMU Price Momentum Indicator, was measured at -1.13 percent this week. MoMo increased 1.79 percent over last week’s measurement of -2.92 percent. The graph below demonstrates the relationship between hot rolled coil and the momentum in pricing.
The SMU MoMo meter – now negative– serves as a lagging indicator demonstrating the historical price momentum trend.

John Packard
Read more from John PackardLatest in Steel Products

AISI: Raw Steel Production Shifts Down
US raw steel output took a downward turn during the week ending Sept. 30, according to data released by the American Iron and Steel Institute (AISI) on Monday, Oct. 2.

GM Lays Off Workers in Ohio and Indiana, Cites UAW Strike
General Motors has announced layoffs at its Parma Metal Center in Ohio and Marion Metal Center in Indiana as a result of the ongoing United Auto Workers (UAW) strike.

Rig Count Drops in the US, Inches Up in Canada
The number of active oil and gas drilling rigs in the US dropped this week while Canada’s count increased by one, said oilfield services company Baker Hughes in its weekly report.

UAW President To Announce New Strike Plans on Friday Morning
The United Auto Workers (UAW) president Shawn Fain is scheduled to make an announcement on Facebook Live, according to the UAW International Union's Facebook page.
Sheet Lead Times Mixed, Plate Plummets
While lead times for sheet again had mixed movements this week, those for plate collapsed, according to SMU’s most recent market survey.