Bullish Shipp Says “Hang on Tight” for the Ride Ahead

Hot rolled steel prices have been on the rise since last August and hit a new record of $1,440 per ton this week as nine-week lead times have tightened supplies and made spot tons scarce. Can steel prices possibly continue rising for the rest of the year? Chris Shipp is convinced steel prices have a way to go.

“From a rodeo perspective, the bull is out of the chute. Make sure that rope is tight because we will be riding for a while. When will we see a peak? Sometime in late Q3 or Q4 maybe, but who knows. No one would have guessed we would be where we are today.”