One of the reasons Steel Market Update has constant contact with steel buyers and steel mills is because we are aware that pricing momentum can change on a rumor or a belief that supply or demand is shifting. We are seeing market sentiment being impacted by Section 232. At the same time, scrap prices are rising and steel buyers are being told to expect a new round of price increases. (Did the last one stick?)
This morning, we heard from the head of commercial for a domestic steel mill who told us, “Incidentally, for what it's worth, this week has been a very good week for us. The energy sector is active on HR, service centers are buying pickled and oiled [HRPO], metal builders are active on coated. [I am] going to be on the sidelines for a while to see what happens with alloys and steelmaking costs.”
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