Steel Products
SMU MoMo at Zero
Written by Brett Linton
January 11, 2013
Written by: Brett Linton
Utilizing a trailing average hot rolled coil (HRC) price, the SMU Price MoMo Index for flat rolled steel in the U.S. fell to exactly 0 percent this week after eight consecutive weeks of positive momentum readings.
MoMo is based upon the current hot rolled coil price weighed against the previous 12 week average spot price as recorded by Steel Market Update. MoMo, as we like to call it so as to not confuse it with our SMU Price Momentum Indicator, was measured at 0.00 percent this week. MoMo decreased 2.21 percent over last week’s measurement of 2.21 percent. The graph below demonstrates the relationship between hot rolled coil and the momentum in pricing.
The SMU MoMo meter – now neutral– serves as a lagging indicator demonstrating the historical price momentum trend.
Brett Linton
Read more from Brett LintonLatest in Steel Products
Nucor keeps HR base price steady to end November
Nucor is holding its hot-rolled (HR) coil base price flat at $750/st for the third week in a row.
Domestic CRC prices edge up, import tags mixed
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis widened slightly in the week ended Nov. 22.
Active rig counts stable this week
US rig activity has remained in multi-year low territory since June. Drilling in Canada has edged lower across the last few weeks but remains historically strong.
Domestic HR, offshore prices decline
US hot-rolled (HR) coil prices slipped this week, while tags in offshore markets were also largely down. Thus, the price premium between stateside hot band and imports on a landed basis was relatively unchanged.
Kloeckner, SDI collaborate on aluminum plant in Mississippi
The investment is aimed at growing Kloeckner’s automotive and industrial segment in the US and Mexico.