Oversupply sinks steel sheet prices
Apr 19, 2013 | 03:20 PM
| Catherine Ngai
NEW YORK Weaker-than-expected market conditions, continued oversupply and barrel-scraping prices continue to plague the steel sheet market, sources say, with some wondering if a recovery is anywhere in sight despite at least one major mills recent push to turn the market around.
"There isnt enough (demand) to raise prices right now. The fact of the matter is there aint nothing out there," one Midwest service center source said. "I dont know how anyone thinks things will get better."
This past week, Severstal North America Inc. issued new minimum base prices of $32 per hundredweight ($640 per ton) for hot-rolled bands and $37 per cwt ($740 per ton) for cold-rolled and galvanized coils effective April 22 (amm.com, April 18). The move by the Dearborn, Mich.-based steelmaker comes amid a multiweek fall in domestic sheet prices, with most transactions reportedly now below the $600-per-ton level.....
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