Steel Prices falling in North America
After climbing steadily for months, US flat product transaction values have started to decline as the market slows for seasonal reasons. Although domestic steelmaker’s production and capacity utilisation have continued to grow in recent weeks, sluggish demand has already caused Severstal N.A. and ArcelorMittal to announce outages in order to correct oversupply. Further output reductions could occur in order to protect prices as the year progresses. Even though there is virtually no foreign competition, transaction figures are likely to soften further in the short-term.