North American steel prices decline as buyers withdraw

Inventories have been replenished by many stockists and the reduced order placements resulting from buyers’ new “wait and see” stance are exacerbating the reduction in prices.

The price of hot rolled coil was particularly affected by the decline during MEPS’s February research period, falling by around 14% month-on-month. The downward trend has continued into the first trading days of March and prices are expected to decrease further.

• MEPS’s International Steel Review provides monthly steel market commentaries, benchmark prices and price forecasts from North America and other key steelmaking countries across the globe. 

Steel producers in North America were typically offering deliveries in between three and five weeks in February. 

Service centres reported a strong January, particularly for contractual supply, and demand from the automotive and white goods sectors remains stable.