Market Sentiment Shifts as Buyers Resist Steelmaker Price Increases

Via Metal Miner The Raw Steels Monthly Metals Index MMI moved sideways, with a modest 1.38% decline in steel prices from March to April. U.S. flat rolled steel prices continued to trade down throughout March. Meanwhile, HRC prices fell 8.35% to close the month at a new lower low. However, hot rolled coil prices traded up during the first week of April, returning to where they stood in early March.

Steel Production Appears Steady Amid Outages In a bid to spook buyers, mills warned that Spring outages would tighten the supply balance. However, data from the American Iron and Steel Institute show that cuts thus far appeared modest at best. While down from its recent peak in mid-March, raw steel production levels continued to trend higher from Q4 2023 to Q1 2024. Meanwhile, the capacity utilization rate has held above the 75% mark since January.

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