Steel buyers waiting out steel producers for price cuts
September 30, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
Source: Forbes
Shares of steel producers fell hard Monday after buyers virtually suspended purchases in the expectation that the cost of steel product will fall.
“Basically what happened is that the price of scrap steel plummeted in late August and early September between a third and a half, between $250 per ton and $300 per ton,” Bradford said.
“But steel mills have only cut their prices by about $100 per ton, so buyers have been waiting for them to cut their prices accordingly.”
