Steel Products Prices North America
November 17, 2015
SMU Price Ranges & Indices: Looking for Green Shoots
Written by John Packard
Flat rolled steel prices moved sideways to slightly lower this week, an improvement from the almost straight-line dive we have been reporting for the last couple of months. Our benchmark hot rolled index remained the same as the week prior at $380 per ton ($19.00/cwt) but we did pick up some minor movement at the lower end of the range on cold rolled and galvanized steels. Everyone is looking for green shoots or evidence that the bottom is either here or near.
SMU heard from a number of different avenues that many steel buyers are holding off on buying contract tons, waiting for a sign that prices have bottomed and that they will not be hurt making commitments for 2016 tonnage. One service center told us, “We have so many customers on the sidelines who keep waiting for the numbers to come down.” He went on to say, “There is enough interest at these levels to give us a short term shot in the arm [once they begin ordering].”
