CRU: U.S. Sheet Prices Join Global Slowdown

By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor

Steel sheet prices were either little changed or fell w/w across most of the globe, with the U.S. market now joining in the global cooldown. Prices in the U.S. fell w/w for the first time in over year, albeit the decline was only by $2 /s.ton and the amount of material purchased was limited. In Europe, prices fell substantially as less expensive offers from other areas of the world forced domestic mills to lower their own selling prices. While elevated freight costs buoyed prices in some countries in Asia, Chinese prices fell w/w as unexpectedly weak demand conditions turn the market there increasingly bearish. This same bearish sentiment occurred in India, where domestic buyers are withholding bids because they sense prices have more room to fall.