Analysis
May 9, 2024
Written by Brett Linton & Ethan Bernard
Last week we wrote about a brief lull in price movement, labeling it a period of wait and see.
It did, in fact, turn out to be pretty brief. This week… things are little bit different. Perhaps right now, following a price decrease that was not priced in to the market, we are more in a period of “hope and pray” or “Here we go, hold on to your hats.”
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.