Steel sheet prices dip as lead times stay short

Apr 04, 2013 | 03:39 PM | Catherine Ngai

Tags  steel sheet, steel buyers, hot-rolled, cold-rolled, Midwest service center, catherine ngai

NEW YORK — Steel sheet prices continued to slide this week as domestic overcapacity and widespread discounting more than offset continued stability in demand.

Although end-use demand remains fairly steady, sources said there are still too many suppliers chasing too few orders, and there appears to be little ahead that will fundamentally correct that imbalance.

"I don’t think there is room (for mill prices) to fall, but I think they will anyway. We’re at the point that if one mill doesn’t reduce their price, another will," one Midwest service center source said. "If we were desperate for steel, we would pay higher for it. But we don’t need it that desperately. The story is getting old: demand is short and availability is long." ....

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