That's not as strong as the 2018 average, which was elevated by the impact of the Section 232 tariffs, but potentially better than any of the previous three years.
The KeyBanc prediction is based on a presumption that steel prices will probably "moderate," reverting to pre-232 levels as a result of slower economic growth, a weaker automotive sector and trade flows adjusting to the tariffs, KeyBanc managing director and metals and mining practice leader Eric Klenz told Fastmarkets AMM.
"Prices have already started to decline off the peaks, especially from a hot-rolled-coil perspective," Klenz told Fastmarkets in an interview on Thursday December 20. For 2019, "it's probably a gradual, moderate decline."
Fastmarkets AMM's hot-rolled coil index dropped below $37 per cwt...