Final Thoughts
August 31, 2020
Final Thoughts
Written by Tim Triplett
How much has the market recovered from the depths of the pandemic? If steel prices are an indicator, we’ve made some progress. But is the bump we’ve seen in the past several weeks just a temporary blip or a sign that the upturn in steel demand is real and sustainable? Service center and OEM executives surveyed by Steel Market Update this week are evenly divided on that question.
Hot rolled steel prices have jumped by nearly $75, based on Steel Market Update’s checks of the market, from a low of $440 in early August to the current $515 per ton. Lead times for spot orders of steel are moving out as the mills get busier. Buyers tell SMU there is little room for negotiation anymore as the mills hold the line and try to collect the price increases they announced last week.
