SMU Price Ranges & Indices: A Waiting Game

“Everyone wants business,” is how the conversation began with one of our Midwest service center sources. “Everyone has steel to sell,” is what he told us. However, he admitted that the bottom has not dropped out of this market.

That feeling of concern was heard in a number of places. Flat rolled steel prices seem to be stable, for now, and it is that little “for now” addition to the dialogue that has everyone uneasy. They all know that there is plenty of steel at the docks and more coming. One of the conversion steel mills pointed to foreign steel imports arriving at a record pace, “October arrivals will be HUGE and the only way they don’t drag the market down is if there is a case [dumping suit] under investigation which keeps the traders from fire selling.”