Pessimism stalls US market for steel imports

May 03, 2012 | 03:29 PM | Catherine Ngai

Tags  steel prices, import market, Port of Houston, christine ngai

NEW YORK — The U.S. steel import market has hit a flat spot in recent weeks, driven by a lack of decent sales, domestic overcapacity and pessimism globally, market sources told AMM.

"Everyone is in a bad mood. It’s making it difficult to stay upbeat and difficult to stay aggressive," one trader said. "It’s kind of confusing statistically, too, because manufacturing is supposed to have picked up a bit. It’s not the end of the world, but clearly we’ve hit a flat spot."

Hot-rolled sheet imports are in a range of $645 to $660 per ton at the Port of Houston while cold-rolled sheet is between $740 and $780, traders and buyers said. In comparison, domestic Midwest hot-rolled prices are around $675 per ton ($33.75 per hundredweight) and domestic Midwest cold-rolled is about $780 per ton ($39 per cwt). ....

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