Coil hike starting to stick: Goncalves
Oct 23, 2012 | 05:01 PM
| Corinna Petry
CHICAGO The top executive at Metals USA Holdings Corp. said he believes last weeks $40-per-ton increase in hot-rolled coil prices is starting to gain acceptance and pull some would-be buyers off the fence, especially as their steel supplies have dwindled.
Speaking Tuesday during the Fort Lauderdale, Fla.-based service center chains quarterly earnings call, chairman, president and chief executive officer Lourenco Goncalves said that steel prices had been "under pressure for the better part of two months." But now that the majority of steelmakers have jumped on board the increasewhich is expected to push most mills back above their cost of productionthe "initial feedback suggests buyers may be moving back into buying," Goncalves said.Sheet producers "are sticking with the increase and end users....
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