Steel Buyers Hold Modest Inventory Positions

Here are a few comments reflecting price sentiment:

“I think there is some wiggle in the price.”

“We are banking on a few more months of downward action, and then a
sort of “bouncing on the bottom” during the winter months.”

“I believe once lead times are into Q4, pricing will be under extreme pressure, seasonal slowdown in automotive, buyers destocking, and mill maintenance finished up.”

“Pricing has edged up but demand is slow.”

When commenting on demand, survey participants overwhelmingly stated that demand is currently stable.

Although there is a positive outlook, buyers are holding modest inventory positions:

“We are actively buying, but only buying what we need and reducing some inventory that we have in excess.”

“I am buying, but buying smaller quantities more often.”

“Only buying to meet backlog.”

“We are still buying hand-to-mouth due to short lead times, decreasing pricing, and in an effort to conserve cash.”

“Working inventory is lower.”

“We are only buying to maintain current inventory levels.”