SMU Data and Models
March 22, 2020
Service Center Spot: Prices Taking a Turn?
Written by Tim Triplett
Spot prices appear to have turned a corner as a growing percentage of both service centers and their manufacturing customers report steel prices on the decrease.
As the chart below shows, 24 percent of the service centers responding to Steel Market Update’s questionnaire this past week now say they are lowering prices to their customers. That is three times the 8 percent who were lowering prices a few weeks ago. Early in March, 21 percent said they were increasing prices following the late February price increase of $40 announced by the mills. It appears the coronavirus may have derailed the mills’ hopes for higher prices anytime soon.
