Steel sheet hikes fizzle on overcapacity woes

Mar 21, 2013 | 02:49 PM | Catherine Ngai

Tags  steel sheet, raw materials, price hikes, service centers, Catherine Ngai

WASHINGTON — Just weeks after the latest round of steel sheet price hikes were announced, service centers said that deals are inching back into the market, which could cause another possible slide in prices in the near term.

"There are thousands and thousands of tons in the market right now, and we just have too much capacity," a Southeast service center source said. "These increases just aren’t holding. The mills tried very hard to establish higher numbers, but buying hot-rolled black is just like buying a box of crayons. Everyone is making it. I don’t have faith in it anymore." ....

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