Steel sheet price hike gives market relief: Olympic
Nov 08, 2012 | 03:41 PM
| Corinna Petry
CHICAGO Global oversupply, soft demand and negative sentiment continue to plague the steel market, Olympic Steel Inc. president and chief operating officer David Wolfort said during the companys quarterly earnings call Thursday.
However, steel price increases announced since October should bring "some relief" from falling tags for most of the year, he said.
While excess supply and low demand pose challenges to price hikes, Wolfort said that the last hike may gain ground as buyers whittle down inventories. He added that he believes coil prices hit their trough last month and that the latest price increase will be supported by higher scrap pricing and lower mill output.....
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