SMU Price Ranges & Indices: Watching & Waiting

Steel Market Update (SMU) is seeing flat rolled steel prices as drifting at this time. We saw slight adjustments in both the upper and lower end of our range on hot rolled compressing our range. Cold rolled was up by $5 per ton while galvanized was unchanged and Galvalume was lower. Market players are sitting back and watching the market not quite sure what to make of it at this time. We heard on a number of occasions that the mills were trying to hold the line on pricing “but if you have orders to place” they are willing to negotiate.

One mill source told us this evening, “It seems we are back to the same picture we were seeing for three months prior to the increase announcements, a little more bleeding, a slow drip.” They went on to say, “I think the increases held up pricing for about 3 to 4 weeks, but now we are back to what had become normal. I hope I am wrong and that the week after Thanksgiving there is enough business to keep mills full enough that they can truly draw the line in the sand, but….”