Steel buyers sit tight, to pare stocks

Nov 08, 2011 | 05:22 PM | Corinna Petry

Tags  hot-rolled coil, cold-rolled, galvanized sheet, steel mills, steel demand, steel supply, steel pricing, Severstal NA scrap prices

CHICAGO — Steel buyers plan to thin out their inventories through year-end, and a few suggest there might be some opportunistic purchasing ahead of announced and potential price increases in the form of buying first-quarter material at fourth-quarter prices.

"The strategy has been wait, wait, wait, wait. ‘Are we at the bottom? Oh, we must be because Severstal (North America Inc.) announced an increase’ and the others will follow," a Mississippi Valley flat-rolled processor told AMM, referring to the company’s Nov. 2 letter to customers saying hot-rolled coil and cold-rolled and galvanized products would rise to $670 and $780 per ton, respectively, effective Nov. 28.....

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