Prices
Steel Prices Return to December 2014 Levels
Written by John Packard
May 12, 2016
This week the benchmark hot rolled steel price average was reported by Steel Market Update at $610 per ton, up $40 per ton over the previous week and $120 per ton higher than just one month ago. The numbers reported this week are the highs for this calendar year and, are also the 52 week highs.
The next price level we are watching is the 2014 HRC price high water mark which was $685 per ton reported the first week of May 2014.
Buyers are concerned with the steepness of the rise in prices. In five months the domestic steel mills have been able to return to price levels not seen since December 16, 2014.
With SMU Price Momentum Indicator clearly pointing toward higher prices over the next 30 days we anticipate that we could come to challenge the $685 2014 high within the next 30 to 60 days.
John Packard
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