Steel destocking slows as sheet prices inch up

Jun 11, 2013 | 06:07 PM | Corinna Petry

Tags  steel, sheet, coil, ISM, Steel Buyers Forum, destocking, service cecnters, corinna petry

CHICAGO — Purchasing managers indicate that the steel sheet market is inching toward recovery, with destocking reportedly on the decline and mills’ efforts to raise hot-rolled sheet prices said to be gaining some spotty traction.

"Business is decent. May was a very good month," a source at a Mississippi flat-rolled steel processor said. "For tons out the door, we’d have to go back to 2008 to see similar per-day volumes."

An East Coast source agreed that the past six weeks of improved business is encouraging. "We think the market bottomed out and prices are heading north. Mills are not discounting like they had. That puts distributors in buying mode instead of sitting-on-the-fence mode," he said.....

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