1191 days ago • Posted by Charles-Henry Monchau
Steel prices are exploding to record highs
Steel prices reach levels not seen since 2008. The benchmark price for hot-rolled steel reached a new record high of $1,080/ton last month, according to our check of the market Jan. 11-12. When reaching out to steel buyers, SMU also asks for comments on their business situations. Here are some recent comments: “We’re unable to get supply.” / “Supply is restricted. We’re worried about a price collapse and market claims or customers going out of business.” / “We’re concerned about the risk of a price correction. What goes up must come down. We don’t want to be caught at the top.” / “We are optimistic that business will improve when more and more people are vaccinated.” / “We don’t have much to sell, but profits look good short term.” / “I would say our prospects are excellent if steel were available.” Source: Steel Market Update
