Final Thoughts

Final Thoughts

Written by John Packard


So, just when you think everything is going along very smoothly somebody or something throws you a curve. In business you should be used used to it, you should expect them. we had one thrown at us on Tuesday and Wednesday when an upgrade we were making to our software unexpectedly impacted our Steel Summit registration system. Nice timing. Just as our early bird discount was about to expire customers weren’t able to register.

To make up for the blip in the system (which has been corrected) we have extended our early bird registration period until the end of business on Tuesday, July 21st.

A note about the ITC commissioners vote – when speaking with attorney Lewis Leibowitz this evening (he is quoted in the ITC article in tonight’s issue) – he mentioned that critical circumstances does not appear to be on the table. Trading companies should confer with their attorneys.

As always your business is truly appreciated by all of us here at Steel Market Update.

John Packard, Publisher

 

 

Latest in Final Thoughts

Final thoughts

I’ve had discussions with some of you lately about where and when sheet prices might bottom. Some of you say that hot-rolled (HR) coil prices won’t fall below $800 per short ton (st). Others tell me that bigger buyers aren’t interested unless they can get something that starts with a six. Obviously a lot depends on whether we're talking 50 tons or 50,000 tons. I've even gotten some guff about how the drop in US prices is happening only because we’re talking about it happening.

Final thoughts

We’ve all heard a lot about mill “discipline” following a wave of consolidation over the last few years. That discipline is often evident when prices are rising, less so when they are falling. I remember hearing earlier this year that mills weren’t going to let hot-rolled (HR) coil prices fall below $1,000 per short ton (st). Then not below $900/st. Now, some of you tell me that HR prices in the mid/high-$800s are the “1-800 price” – widely available to regular spot buyers. So what comes next, and will mills “hold the line” in the $800s?