Final Thoughts
Final Thoughts
Written by John Packard
June 12, 2019
Our website has been updated with the correct complete agenda and speakers, and we have added more detailed information about the SMU NexGen Leadership Award.
We have also updated the sponsors and exhibitors logos for the 2019 SMU Steel Summit Conference on our website. We have updated the names of the companies attending (those showing a * mean more than one person has been registered). I believe we are now somewhere around 85 new companies who did not attend the 2018 conference. Registrations for the conference continue to be strong and we are receiving multiple registrations from most of the companies who are planning on attending. Recent registrations include: Majestic Steel USA Inc.*, AK Steel*, Matandy Steel & Metal Products*, Global Steel Solutions, Steelinvest Ltd., Steel Sales America, The Fabricator Magazine, Lennox International*, S&P Global Platts*, Ternium Mexico, S.A. de C.V.*, Altec Industries, Inc., Goodman Manufacturing Company*, Hartree Partners, LP*, Metallia*, OTI*, Tata International Metals, Ltd, National Material Company*, Clopay Building Products Co.*, Excel Industries Inc.*, Medtrade Inc*, West Coast Metals, O’Neal Steel Inc.* and ATAS International. Inc. We are closing in on 700 total registered attendees with 73 days to go.
If you would like more information about the conference, companies attending, hotels, or costs to attend, go to: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact Events@SteelMarketUpdate.com or if you wish to speak with someone, please contact Brett Linton at 770-299-9897.
I will be in New York City for the CRU Steel Briefing, which will take place on Monday, June 17, at the Sheraton. If you would like to attend this free event, please email: Kaitlin.Turnley@crugroup.com
Paige is on vacation. If you have questions regarding your account, would like to become a member, upgrade, etc. please contact Brett@SteelMarketUpdate.com or by phone 770-299-9897.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
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Final Thoughts
Another day, another massive gap between the news and market sentiment. On the news side, we’ve got war in the Middle East. The devastation facing western North Carolina coming into tragic focus. And the outcome of the presidential election remains a coin toss, according to current polling.
Final thoughts
There are markets where the headlines and the prices are both crazy. This does not appear to be one of them, at least not yet.
Final thoughts
Washington loomed large in our surveys this week. Two things actually: the upcoming presidential election and the trade case against imported coated products from 10 nations.
Final thoughts
Thanks to everyone who attended our Steel Hedging 101 workshop in Chicago on Wednesday. I learned a lot from StoneX Group’s Spencer Johnson, who instructs the course, and from your good questions. One thing that Spencer said sticks with me as I write this column. Namely, that momentum drives steel prices more than other commodity markets. If you watch steel futures, you’ll see up days and down days. But it’s rare to see the momentum shifting back and forth within any given day.
Final thoughts
SMU's prices ranges for flat-rolled steel were mostly sideways on Tuesday even as futures market shot higher. I got some questions as to why hot-rolled (HR) coil futures shot higher. As best as I can tell, it might have been in response to news that China plans to roll out stimulus measures. We have details on those measures here thanks to our colleagues at CRU. The chart below gives you some idea of just how sharply upward the move in HR futures was earlier on Tuesday: