Steel sheet spot prices down again

May 10, 2013 | 04:32 PM | Catherine Ngai

Tags  steel prices, overcapacity, sheet, hot-rolled coil, Midwest, Catherine Ngai

NEW YORK — Steel sheet prices softened this past week as market participants continued to cite overcapacity and too many players chasing too little business as top concerns.

"Market prices are really bad. They’re so low right now, and scrap prices keep retreating at the same time," said one mill source. "Things are tough, and I don’t think anyone is making money. It’s a real tepid situation, and there are few positives out there. We want to keep prices up, but we have play within the market to do business."

Steel sheet sources had said in early May they thought prices might have hit a floor, particularly as a number of Midwest mills were said to be planning outages in the coming months (, May 6).....

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