2/17/2023 0 Comments Stainless steel early or late era![]() ![]() ![]() Domestic mill output has not increased at the same pace as consumption, reflecting both planned and unplanned outages, while steel demand has been exacerbated by restocking activity, with original equipment manufacturers (OEMs) and distributors replenishing inventories in advance of further price rises. ![]() While a solid recovery in key steel-consuming sectors - such as automotive, manufacturing and construction - initially helped to propel prices higher, rising scrap costs and a supply shortfall lent additional momentum to sheet steel prices.A concerted effort by domestic steelmakers to underpin prices and drive pricing higher, through a series of $40-50 per ton price increases in August and September, has proved largely successful, with domestic HRC prices rising to around $630 per ton in early October.Domestic HRC prices averaged $566 per ton in September, exceeding our $540 per ton forecast price. US domestic prices for hot-rolled coil (HRC) moved sharply higher in September, in line with our expectations, but the magnitude of the rise exceeded our predictions.This month’s key North American steel forecast highlights: ![]()
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