Economy
May 1, 2018
April 2018 at a Glance: Prices Plateau?
Written by Brett Linton
Steel Market Update downshifted its price momentum indicator from higher to neutral in late April as steel buyers reported stability in most products and prices appeared to have plateaued, at least in the short term. At month’s end, hot rolled was selling for about $873, cold rolled for just over $1,000, galvanized for around $1,100, and plate for about $974 per ton. Steel prices have increased by 16 percent in the past three months.
Steel shipments continue strong in the second quarter as seasonal demand picks up. Buyers sentiment remained at optimistic levels ahead of the Trump administration’s decision May 1 on steel tariffs. Late yesterday, the administration announced that it would extend some tariff exemptions for another month to give countries more time to negotiate quotas or other import measures.
