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    Market Data

    November 6, 2023

    SMU's October at a Glance

    Written by David Schollaert

    Steel prices began to recover last month, ending a downward trend we’d been seeing since mid-April. Hot-rolled coil (HRC) prices ended October at an average of $810 per ton ($40.50 per cwt), having rebounded by $165 per ton during the month.

    The SMU Price Momentum Indicator for sheet products pointed Higher, shifting from the Lower position as tags rallied in response to repeated mill price hikes throughout the month.

    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.

    Read more from David Schollaert

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