Final Thoughts

The benchmark hot rolled steel price has jumped back over the psychological line of $500 per ton, to $515 by SMU’s current estimate, which is a positive sign for steel demand, but it begs the question: How high will it go and for how long?

SMU asked steel buyers how much of the $40-60 per ton in price increases announced last week they expect the mills to collect. Roughly one-third said, “all of it,” while the remaining two-thirds said, “some of it.”