SMU Price Ranges & Indices: Further Weakening in All But HR

This comment from a large national service center says it all: “Prices are all over the place. It’s as if the discipline is lost. Different mills all seem to have some sort of hole or gap they’re trying to fill causing pricing heartburn.”

Steel Market Update saw further erosion in spot prices on flat rolled and plate steels. Steel buyers are reticent to make large commitments, inventories are on the high side (based on our discussions with buyers as well as the results of our inventories analysis), and scrap prices are slated to fall further. Each of these items (and others) are affecting sentiment and ultimately steel prices. Hot rolled prices took a steep drop last week and maintained the same levels this week. All other items declined.