Steel sheet price increases prompt few buys

Dec 12, 2012 | 04:43 PM | Chris Prentice

Tags  flat-rolled steel, hot-rolled sheet, cold-rolled sheet, coated steel sheet, steel prices, SteelBenchmarker, Chris Prentice

NEW YORK — Domestic flat-rolled producers have pushed steel buyers to book at higher offer levels since announcing a round of price increases in the past week, but the prospect of rising prices has done little to spur additional business, steel buyers said.

"Nobody is out buying extra steel," a Midwest distributor source told AMM. "(The increase) hasn’t spurred any extra buying. People are hanging very tight and buying what they have to buy.

Steel buyers reported offers for hot-rolled sheet as high as $33.50 per hundredweight ($670 per ton), but the threat of rising prices following a recent round of hikes prompted few to book more material beyond what they need for immediate orders.....

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