Steel, aluminum prices have hit floor: Reliance
Jul 26, 2012 | 03:26 PM
| Corinna Petry
CHICAGO After months of pullback, domestic metal prices appear to have reached their floor, with prices expected to regain lost ground in the months ahead as demand from major end-use sectors remains solid, according to Reliance Steel & Aluminum Co. executives.
Right now, "carbon, stainless and aluminum prices should be near the bottom," chairman and chief executive officer David H. Hannah said Thursday during Reliances quarterly earnings conference call, noting that the Los Angeles-based service center operator is expecting modest price increases for most products by the end of the third quarter.
Metal price declines since March "seemed a little deeper and went on for a little longer than we anticipated and are still going on (in such products as merchant bar and beams)," Hannah said. That pricing weakness impacted purchasing patterns throughout the second quarter. If customers "arent convinced they are going up, they will wait to buy. If prices do go up, theyll buy today as they need it," he said.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.