Final Thoughts
August 12, 2020
Final Thoughts
Written by Tim Triplett
Seventy percent of the steel buyers polled by SMU last week said they believe prices are near the bottom of the current market. SMU pegs the current benchmark price for hot rolled at around $440 per ton, slightly lower than the consensus view of $460 per ton because SMU learned of some low-$400’s deals late last week. The $40 per ton price increase announced by the integrated mills on July 21 fell flat when the EAF mills decided not to follow suit. Now, a few weeks later, some buyers expect it will be the minimills taking the lead on the next price increase. Others have expressed doubts that steel demand has recovered enough yet for a price hike to succeed.
Here’s a few comments from some wise steel executives:
