Market Data
March 25, 2013
Written by John Packard
We had a mixed bag this past week as the CRU indices went higher while SMU and Platts moved lower. Stuck in the middle was Steel Orbis which didn’t do anything and SteelBenchmarker which did not report new numbers last week. The benchmark hot rolled index is in a fairly tight range from $610 (SMU/Steel Orbis) to $620 (SteelBenchmarker/Platts) with CRU stuck in the middle at $616.
Most steel buyers think that steel prices will continue to rise into the 2026. But they don’t see the kinds of big gains that have characterized past market upturns, according to the results of SMU’s latest steel market survey.
The Chicago Business Barometer’s October reading still indicates a cooling in general business activity despite posting a surprise gain.
The latest Baker Hughes rig count report showed oil and gas drilling slowing in both the US and Canada last week.
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
SMU’s Steel Demand Index remains in contraction, according to late October indicators. Though growth faded at a slower pace, it rebounded from one of the lowest readings year-to-date from earlier in the month.