Steel Products
April 27, 2023
The percentage of steel buyers saying mills are willing to negotiate spot pricing jumped above 60% for the first time since late December, according to SMU data.
All the products SMU surveys showed substantial gains this week, with plate climbing to 40% of buyers saying mills were willing to talk price vs. 0% two weeks ago.
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It has been a crazy 2024 so far for hot-rolled coil (HRC) futures!!! “It’s not crazy, it’s hot rolled.” This chart shows the steeply backwardated Midwest HRC futures curve on Jan. 3 plummeting between $186 to $241 in the front three months, evolving into the curve six weeks later on Feb. 12. CME hot-rolled coil […]
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Though steel prices continue to drop, more buyers are holding off on finalizing transactions.