Steel sheet prices fall, mart seen near bottom
Oct 03, 2012 | 02:33 PM
| Chris Prentice
NEW YORK Domestic hot-rolled steel prices continue to fall, with sources reporting lower sales quotes and limited transactions.
"Theres definitely a slide," one Midwest service center source said. "Demand is steady. (But) consumer confidence is low."
Mills were said to be chasing orders, lowering their quotes by at least 50 cents per hundredweight ($10 per ton), as some service centers reported transactions. However, most said they were continuing to hold off on buying, expecting the market to slide further.
"People are scattering for a little bit of market share," according to one East Coast manufacturer.
Average prices for hot-rolled sheet slid to $30.50 per cwt ($610 per ton) f.o.b. Midwest mill, from $31 per cwt ($620 per ton) previously, as service centers reported limited activity and a wait-and-see mentality.....
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