Analysis
Final Thoughts
Written by John Packard
June 24, 2019
The day started slow, but it seems to have picked up steam after the Nucor announcement. As expected, most of the mills have followed the Nucor lead with NLMK putting specific base prices into the market. The guidance being given in the NLMK announcement is hot rolled at a $560 per ton ($28.00/cwt) minimum base and cold rolled and coated at a $700 per ton ($35.00/cwt) base plus applicable extras. There has not been a price increase on plate.
It is SMU policy to take our Price Momentum Indicator to Neutral when price announcements are made (usually by more than one mill). We do not want to influence future steel prices and our Neutral indicator means prices could go in either direction. Once we have a clear sense on what the direction will be going forward, we will adjust our Indicator. This could take a few days to as much as a few weeks.
If you receive price announcements from your mill suppliers, please pass them on to me at John@SteelMarketUpdate.com or give me a call to discuss at 800-432-3475.
I am hopeful that the CRU Events staff will have cemented our hotel location by Wednesday or Thursday for the next Steel 101 workshop so we can begin taking registrations yet this week. The workshop dates are Oct. 8-9, and we will be touring the Nucor Gallatin steel mill.
Registrations continue to grow as we approach 750 executives for the 2019 SMU Steel Summit Conference. Here are a few of the companies who registered over the past few days: CAN-PACK S.A., Promet Steel, Lex Central Steel, National Galvanizing, Blue Bird Corporation, L&W Supply, AO Smith and Electrolux Major Appliances. To get more information about our conference and to register, go to: www.SteelMarketUpdate.com/events/steel-summit
If you are having any issues with registration for the conference, please reach out to either Events@SteelMarketUpdate.com or Paige Mayhair at 724-720-1012. Paige can also help you with renewals, upgrades or to obtain a new subscription to the SMU newsletter.
Just another busy day here in the steel business.
As always, your business is appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
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