Steel Products Prices North America
October 17, 2019
Steel Buyers Speak to Unsustainable Turnaround
Written by John Packard
By John Packard, President & CEO, Steel Market Update
The Steel Market Update Steel Buyers Sentiment Index has been a mirror of the comments made by buyers of flat rolled and plate steel over the past few days. Our Sentiment Index, which measures how buyers and sellers of steel feel about their company’s ability to be successful now and three to six months in the future, has taken a distinct nosedive. Current Sentiment was measured last week at +26, the least optimistic reading since June 2013. Steel buyers are concerned as many believe we may be reaching a short-term “bottom” with the steel mills resisting going below $440-$450 per ton. However, the expectation is if there is a bounce off the bottom, it will be nothing more than another dead cat bounce.
