US flat rolled #steel prices spike week-over-week, but how long will it last?
Sources close to #SteelOrbis have confirmed that domestic flat rolled #steelprices have continued to spike in the past 7 days.
The big question relates to how long this uptrend will last.⏬
Sources close to #SteelOrbis have confirmed that domestic flat rolled #steelprices have continued to spike in the past 7 days.
The big question relates to how long this uptrend will last.⏬
One source was quick to point out that overall steel demand is lower than it was in 2019. Auto production has not returned to 2019 levels, he said, adding that nonresidential construction is still more than 25% lower that it was in 2019.⏬
“If there was enough steel in 2019, there should be enough now,” he said. “[These increases aren’t because of] demand, it’s because capacity is offline.”
Not only is the domestic capacity utilization rate still hovering below 75%,⏬
Not only is the domestic capacity utilization rate still hovering below 75%,⏬
compared to 79.6% during the same reporting period a year ago, import arrivals have also been declining due to the low-cost of domestic #HRC, CRC, and HDG coil seen in the latter part of 2022.
Full story 🔗 bit.ly/3TbhGsN
Full story 🔗 bit.ly/3TbhGsN
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