Our Fiscal Cliff article does not tell the whole story – read Andre Marshall’s HRC Futures article to get more details – there are new taxes (or old taxes come back to live again) which most, if not all, U.S. citizens will pay. The question is how will the impact on our individual paychecks affect our spending – especially on those big ticket items steel companies count on.
Scrap – early information from SMU sources are pointing toward sideways to minimal scrap increases in the Midwest and minor increases in the East. We are a long way away from having enough data to call specific prices for the month of January – but, sentiment does not appear to be receptive for higher prices.
Speaking of Sentiment – our first steel survey is underway and will continue through the end of the day on Friday. We will have complete details regarding our findings in Sunday evening’s edition of this newsletter including our latest SMU Steel Buyers Sentiment Index.
Our special 14-month offer for new members expired at the end of the day on Thursday. However, if we have any procrastinators out there we will take new customer orders for one more day (Friday, January 4th). You can contact Brett in our office: 800-432-3475 or send an email to Diana@SteelMarketUpdate.com or Jack@SteelMarketUpdate.com
As always your business is truly appreciated.
John PackardRead more from John Packard
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Market Chatter This Week
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, sheet prices abroad, inventory, the UAW strike, and what people are talking about in the market