Final Thoughts

Boy, am I receiving mixed messages – more than I think I ever have before during my 40 year plus career in (or covering) the industry. My opinion is the mixed messages are due to the interference in “normal” market operations by the Trump administration. This is especially destructive when promises are made for Section 232 recommendations and the date goes by with nothing. At the same time, the president is telling people that the steel industry is going to be so happy with what he is going to do, and nothing gets done. The creates indecision within the industry.

So, on one hand we have the domestic steel mills announcing higher steel prices and, at the same time I have a conference call with HARDI wholesalers who tell me that prices have barely budged and competition from service centers indicates no issues with inventories. There is plenty of steel on the service center floors according to SMU sources. MSCI sees it differently. More mixed messages.