International Steel Prices
December 17, 2020
CRU: U.S. Buyers Seek Import Options Amid Extreme Supply Tightness
Written by Estelle Tran
By CRU Analyst Estelle Trans, from CRU’s Global Steel Trade Service
U.S. buyers have been watching sheet steel prices skyrocket and found themselves weighing high-priced imports out of necessity. The steel market remains supply short, even with the restart of U.S. Steel Gary No. 4 this month, and market contacts expect that the market will remain extremely tight into Q1 as mills are reporting no spot availability. Sheet markets are tight partly because of faster than expected demand growth at OEMs as well as mill production issues exacerbating delivery delays. On Dec. 16, the CRU U.S. Midwest HR coil price was $899 /s.ton, up $181 from $718 /s.ton on Nov. 18, and expectations are that prices will reach $1,000 /s.ton.
