Steel sheet prices slide for third straight week
May 16, 2012 | 03:16 PM
| Chris Prentice
NEW YORK Domestic steel sheet prices east of the Rockies have fallen for the third straight week as service center customers sit out of the softening market awaiting a new pricing floor.
"Customers are sitting on their hands and waiting on the market to bottom out," one mill source told AMM, noting that the wait-and-see trend is affecting both service centers and now some end-users.
The spot price for hot-rolled sheet fell to $32.75 per hundredweight ($655 per ton) f.o.b. mill this past week from $33.25 per cwt ($665 per ton) a week earlier as buyers held off ordering to see how far prices would fall. Larger-volume orders are said to be garnering a further discount, with prices as low as $32 per cwt ($640 per ton), even as smaller-volume buyers continue to....
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