Steel sheet prices flat; bottom could be near

Mar 14, 2014 | 01:42 PM | Catherine Ngai

Tags  steel sheet, hot-rolled, cold-rolled, raw material, scrap, iron ore, steel prices, Catherine Ngai

NEW YORK — Steel sheet prices may be nearing bottom, industry sources said, but the timing will have to be right for mills to successfully raise tags.

Hot-rolled and cold-rolled sheet prices have slipped since the start of the year on increased import activity, a lack of buying due to cold weather and falling raw material costs. However, with increased chatter in recent days over a potential price increase and possible pent-up demand in the spring, there could be opportunity on the sell side.

“Business is good and I’m not hearing anything out there that’s negative,” one Midwest service center source said. “I’m expecting to see a price increase before April 1 because mills will want to take advantage of the pent-up demand out there as well as setting a floor.” ....

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