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    October 19, 2021

    SMU Price Ranges & Indices: Momentum Changed to Lower on HR

    Written by Brett Linton

    Steel Market Update’s check of the market this week shows another small decrease for hot rolled steel prices. The hot rolled price has dipped three of the last four weeks by a total of $45 from the high of $1,955 per ton in the first week of September. SMU is changing its Hot Rolled Price Momentum Indicator to Lower from Neutral in anticipation of further declines in HR prices over the next 30-60 days. That assessment is not as simple for other steel products. Cold rolled and galvanized saw small declines this week, while Galvalume and plate saw modest increases. SMU’s Price Momentum Indicators for other products will remain at Neutral until the trend becomes clearer. As one service center executive said: “We are for sure seeing an easing or a plateauing effect. The numbers have definitely stopped their ferocious climb upward. But I think we’ll still see some ebbs and flows over the coming weeks or months.”

    Hot Rolled Coil: SMU price range is $1,900-$1,920 per net ton ($95.00-$96.00/cwt) with an average of $1,910 per ton ($95.50/cwt) FOB mill, east of the Rockies. The lower end of our range increased $30 per ton compared to last week, while the upper end decreased $50. Our overall average is down $10 per ton from one week ago. Our price momentum on hot rolled steel is Lower, meaning we expect prices to decrease over the next 30 days.

    Brett Linton

    Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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