Final Thoughts
August 10, 2020
Final Thoughts
Written by Tim Triplett
The service center and manufacturer executives who read Steel Market Update have been telling us for some time that they believe steel prices are near the bottom and poised to turn around soon. Our latest check of the market, with flat rolled steel prices up anywhere from $15 to $25 per ton, suggests the market may have turned a corner.
A price increase announcement from the EAF mills sometime soon would surprise no one. The integrated mills tried it about a month ago, but the move proved premature and prices gained little ground. This week, the majority (56 percent) of those responding to SMU’s market trends questionnaire said they believe steel demand has now improved to the point where such a price hike could be successful. That means 44 percent are still doubtful, though. Not exactly a slam dunk yet.
