Product
April 19, 2022
SMU Steel Buyers Sentiment Index Remains Strong
Written by Brett Linton
Steel Market Update’s Steel Buyers Sentiment Index moved 4 points lower this week, following a 3-point bump up two weeks prior and an 11 point surge in mid-March. Theses sentiment measures correlate with the sharp rebound in steel prices caused by the Ukraine-Russia war, as well as the recent slowdown seen in prices.
Steel Market Update’s latest benchmark price for hot rolled coil was $1,450 per ton ($72.50 per cwt) as of last Tuesday, up $15 over two weeks prior, and up from $1,000 per ton in early March. The spread between current and future sentiment now suggests that buyers feel positive about the current market as well as 3-6 months ahead, despite lingering effects of war, inflation and supply-chain issues.
