SMU's May at a Glance

Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month.

The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to that position on April 25. The momentum change at the time was due to increased supply, weaker demand, and lower raw material costs—a trend that continued last month. Price Momentum on plate shifted to Neutral at the end of April, and it remained at that position throughout May as the market has yet to determine a clear direction.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.