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    Analysis

    June 1, 2023

    Final Thoughts

    Written by Michael Cowden

    In a falling market, yesterday’s special deal is tomorrow’s prevailing price. A lot of you know that rule of thumb. What does it mean for the market now? Let’s sketch out a scenario.

    I wrote last week that someone buying tens of thousands of tons of hot-rolled coil (HRC) might be seeing prices in the $800s per ton. Let’s say mid-$800s per ton. You can probably think of a few tubers, distributors, or big service centers who might be the first to be offered such “special” prices.

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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