Steel buyers sit tight, to pare stocks
Nov 08, 2011 | 05:22 PM
| Corinna Petry
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 companys 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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