Overseas
July 16, 2020
CRU: China Continues to Buck the Trend for Sheet
Written by George Pearson
By CRU Prices Analyst George Pearson, from CRU’s Steel Sheet Products Monitor
The U.S. Midwest market has continued to record lower weekly sheet prices. Our assessment of HR coil is now down $23 /s.ton since the July 1 assessment and market participants expect further price declines to emerge for all sheet products over the near term. While demand has improved from 2020 Q2, it remains well below year-ago levels. At service centers, sheet inventory is low in absolute terms, but when compared with current demand levels, it is high. Finally, scrap costs have started to fall back and further declines are possible.
