October Steel Price Update

Celebrate the silver lining in the steel industry! Despite numerous challenges, scrap steel maintains stability, holding firm with September prices—undoubtedly a positive outcome. The anticipated impact of the automotive strike on prices was offset by mills introducing higher prices on new steel coils, a surprising turn that has industry watchers optimistic. Recent surveys predicted a downturn, but inventories may have been reduced more than expected, potentially sparking increased steel demand and shorter lead times in the coming months. Coupled with robust export strength despite a strong dollar, the future of steel pricing looks promising, and we may have surpassed the industry’s bottom. Unlike copper and nickel, this narrative is one of positivity—sometimes, no bad news is indeed good news for the steel market. Stay tuned for an optimistic outlook on the horizon.