Final Thoughts

The steel market has adapted to the shock of the war in Ukraine – and it’s become clearer with each passing week that a steeper price decline than we have seen to date might be in store.

I wrote on Thursday that the headline data from our latest survey indicated the market had peaked. I pointed to falling lead times, mills willing to negotiate lower prices (especially for hot-rolled coil), and wide spreads between US HRC prices and those abroad (especially in Asia).

Michael Cowden

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

Michael Cowden

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