Economy
November at a Glance: Prices Slide
Written by John Packard
December 2, 2018
November saw steel prices continue to decline, with benchmark hot rolled dipping below $800 per ton, cold rolled below $900 per ton, and galvanized below $1,000 per ton. Plate continued to hold its own at over $1,000 per ton as mills kept customers on allocation while they worked to meet strong demand. Steel Market Update moved its Price Momentum Indictor to Lower in November, expecting that flat rolled steel prices would decline over the next 30 days.
Steel Buyers Sentiment remains at optimistic levels, but is showing signs of unease in the marketplace. The three-month moving average for the sentiment index declined to 62.83 last month from 64.17 in September.
In the energy sector, the U.S. rig count continued inching upward in November to 1,080 rigs. Last week, the oil price dipped to around $50 per barrel, and continued volatility in the oil sector makes the prospects for line pipe and OCTG sales uncertain.
For a snapshot of other market indicators as of the end of November, see the chart below.
John Packard
Read more from John PackardLatest in Economy
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.
Manufacturing in New York state improves again in August
Business activity in New York state improved modestly in August. It was just the second positive reading for the general business conditions index in six months.
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.