SMU Data and Models
April 5, 2020
SMU Market Trends: Buyers Say Production Cuts Not Enough to Save Prices
Written by Tim Triplett
Steel buyers surveyed by Steel Market Update this week report that demand is plunging and they expect steel prices to continue declining right along with it for at least the next 30 days. The majority believe that efforts by the mills to cut production and match supply with demand will not be enough to establish a floor on steel prices.
SMU data shows that the benchmark price of hot rolled steel has already declined to an average of $540 per ton, down from $580 at the beginning of March.
