Steel Products Prices North America
June 17, 2021
CRU’s Spoores: Evidence Suggests Prices Near a Turning Point
Written by Tim Triplett
Steel prices will turn lower and quickly fall back in the next 6-12 months, but mill profitability will remain substantial, predicted Principal Analyst Josh Spoores during CRU’s virtual New York Steel Seminar on Wednesday.
Steel prices have hit historic highs, with hot rolled offers at more than $1,700 per ton, as demand continues to outstrip supply. But the supply deficit in steel sheet is already starting to ease, Spoores said. Both mill production and flat rolled imports are on the rise. In the next six to nine months, nearly 12 million tons of new capacity will have been added to the North American market, including three new electric-arc furnace mills in the U.S. and two new hot strip mills in Mexico.
