Product
August 16, 2022
Steel Buyers Respond to Price Increase Announcements
Written by Brett Linton
On Monday and Tuesday, SMU reached out to numerous steel buyers inquiring about market conditions this week. Sources were asked whether recently announced sheet price increases were sticking, and when they thought hot-rolled coil (HRC) prices might bottom out.
The majority of the responses we received suggest that price increases are either partially sticking or are not holding up at all. The consensus on when prices might bottom out is mixed: roughly half of buyers believe the inflection point for HRC will occur in the next six weeks, the other half think it will be in the fourth quarter. Read on for a deeper look into the data and comments we received.
