NEGOTIATOR’S TAKE: With cheap imports gone, North American steel makers keep raising prices.
04.18.16 – Trading barely above multiyear lows
Steel is being a different animal this year. While metals such as aluminum, copper and nickel are trading barely above multiyear lows, we are witnessing strong price momentum in domestic steel prices.
Cold-rolled coil is a good example. Prices last week climbed above $600 per standard ton, the metal’s highest price level since April 2015.
Why, in an oversupplied market, did steel prices get a boost?
The duties imposed on steel products caused steel imports to taper down in a big way over the last three of months and U.S. steel mills now have the power to raise their base selling prices. U.S. aluminum markets didn’t enjoy this kind of protection. However, even if they did, which they might, aluminum prices wouldn’t get the same boost.
SOURCE: Metal Miner