Product
SMU MoMo Negative for Eighth Week
Written by John Packard
March 8, 2013
Utilizing a trailing average hot rolled coil (HRC) price, the SMU Price MoMo Index for flat rolled steel in the U.S. remained below zero percent this week for the eighth 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 -2.16 percent this week. MoMo increased 1.07 percent over last week’s measurement of -3.23 percent. The graph below demonstrates the relationship between hot rolled coil and the momentum in pricing.
The SMU MoMo meter – now negative– serves as a lagging indicator demonstrating the historical price momentum trend.
John Packard
Read more from John PackardLatest in Product
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Drilling activity slows at October’s end in US and Canada
The latest Baker Hughes rig count report showed oil and gas drilling slowing in both the US and Canada last week.
Key takeaways from CRU’s US Ferroalloys Connections Summit
CRU analysts break down their top takeaways from CRU's 31st Annual Ferroalloys Connections Summit, held Oct. 19-21 in Miami.
SMU Survey: Mills less negotiable on spot prices
Most steel buyers responding to our market survey this week reported that domestic mills are considerably less willing to talk price on sheet and plate products than they were in recent weeks.
SMU Survey: Lead times tick higher
Steel mill lead times marginally extended for both sheet and plate products this week, according to responses from SMU’s latest market survey.