Sheet market mixed on price direction
Apr 10, 2014 | 04:53 PM
| Catherine Ngai
NEW YORK Market participants are mixed over where flat-rolled prices will settle after a round of increases late last week, with buyers and sellers expressing uncertainty on how long the market will remain tight.
Of concern is how much the tightness in the market is a direct result of an outage at U.S. Steel Corp.s Great Lakes Works in Ecorse, Mich., and a lack of raw materials at the Pittsburgh producers Gary Works in northwest Indiana. In what is described as a precarious dance between mill and buyer, many are still struggling to find out where the new prices, which are generally agreed to be higher, will settle.
"We know the tightness is a supply effect. Theres a lot less steel out there, so logic says its much tighter," one mill source said. "The market has been a little slow to react, though, and it could be that some just arent feeling the pinch yet."....
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