“Hot-rolled coil prices in the United States have slipped on lower offers from some mills and as some buyers who loaded up on inventory late last year and earlier this year have moved to the sidelines,” reports AMM.
According to the American Metal Market records, prices are slightly down, for the first time since a brief dip in late May.
Conversely, one mill source reports an increase in inquires this week, which can point to an increase in demand.
The AMM reports the sentiment, “of other sources who said that activity should improve as lead times stretch past Labor Day (Monday September 3), when business usually ramps up again after the typically slower months.”
Prices are predicted to trend upward until lead times move into late November, when activity typically slows ahead of Thanksgiving and Christmas.
“No reason for pricing to drop. People are busy and the market is good,” a Midwest service center source said.
Steel prices, despite the recent dip, remain at their highest point since late 2008.
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