Steel prices continue to set new record highs week after week

Signs last month that steel prices were beginning to lose steam proved premature. Price tags for flat-rolled and plate steel products have continued to move upward, setting new record highs week after week. Moving up along with steel prices are the anxiety levels of fabricators and manufacturers who must pay unprecedented prices for their raw materials.

Steel Market Update’s check of the market on March 8-9 showed the benchmark price for hot-rolled steel reaching $1,270/ton ($63.50/cwt), topping the previous high mark set in 2008 by $200/ton.

“This is crazy. I’ll tell you one thing, my customers can’t stay in business at these price levels. We’re having a hard time passing on the increases,” one manufacturer in the Midwest told SMU.

“Restricted supply with the current demand makes pricing anyone’s guess. There is nothing there to stop the madness, although we are reaching a critical cost/affordability point with customers. It could force some customers out of the game,” commented one service center executive.