The rapid gains in finished steel prices we have witnessed over recent months appear to be losing momentum. During the past month, MBR’s Global Flat Products Price Index has actually fallen while the growth in long products has slowed further to just 1.8%.

Though we detailed one month ago that the upside risks to flat products prices were likely to be limited this year, given a projected slowdown in underlying consumption and a starting point, from 2016, of uncharacteristically elevated and profitable pricing, mills seem increasingly determined to protect their fortunes. Indeed after two consecutive weekly declines in AMM’s strip-mill price assessments for the US domestic market, Nucor was quick to announce a new target to raise prices by $30/ton.

Nucor has seen the margin or spread...


Alistair Ramsay

March 01, 2017

00:00 GMT