Steel sheet hits bottom in oversupplied market
May 06, 2013 | 02:30 PM
| Catherine Ngai
PITTSBURGH Domestic steel sheet prices appear to have hit a bottom, sources said, but an oversupply of material continues to stymie any upside despite what distributors and mills report to be stable demand.
"People are all busy. Everyones business is good, but its just that everyone is struggling with margins," one Midwest service center source said. "The mills are drawing the line in the sand that were at the bottom. No one is coming out and predicting a price increase, but no one is budging for lower numbers."
Sources said hot-rolled band prices remained steady this past week, with most buyers and sellers pegging spot prices at $29 per hundredweight ($580 per ton) f.o.b. Midwest mill, although a number of sources reported larger-tonnage transactions at closer to $28.50 per cwt ($570 per ton).....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.