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    Prices

    January 5, 2023

    Steel Mills Continue to Balk at Negotiating Lower Tags

    Steel mills are less willing to negotiate prices as we enter into the new year. With the exception of Galvalume, all of the products SMU surveyed remained more fixed in price compared with the last market check two weeks ago, and a far cry from early November of last year. 

    In fact, the plate market showed the largest decline, where 50% of buyers said mills were willing to negotiate price in our survey this week ended Jan. 5, down from 75% two weeks earlier.

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    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.