Steel Products Prices North America
January 27, 2015
SMU Price Ranges & Indices: $500 Hot Rolled Getting Closer...
Written by John Packard
“Where does the elevator stop,” is what one flat rolled steel buyer told Steel Market Update during a phone conversation about pricing held earlier today. “I haven’t hit the panic button yet, but my finger is close…”
Flat rolled steel prices continued to tumble as some mill salespeople were telling their customers they have been told “not to lose an order to price.” Many buyers are talking about benchmark hot rolled prices falling to the “pinch” point of $500 per ton or slightly below. Based on the rate of weekly price change ($10 to $20 per week) and a forecast drop in scrap prices of $25 to $50 in February, we could well see hot rolled break through the $500 barrier on the low end of our range next week.
