Market Data
March 18, 2022
Steel Buyers Sentiment Jumps 11 Points, Biggest Move Since October 2020
Written by Brett Linton
SMU’s Steel Buyers Sentiment Index surged 11 points this week, the largest change from one survey to the next in 17 months. The surprising jump in sentiment correlates with the unexpected rebound in steel prices caused by the conflict in Ukraine.
Steel Market Update’s check of the market this week pegged the benchmark price for hot rolled coil at $1,260 per ton, up from $1,000 per ton just two weeks earlier. That’s a big rebound for steel prices, which had been trending downward for the past six months. The spread between current and future sentiment suggests the market feels positive about the strengthening steel prices today, but is less confident about the economy tomorrow due to the war, inflation and lingering supply-chain issues.
