The Steel & Tube Procurement Update provides insights into the drivers of steel pricing in the current environment.
While the industry is showing signs of an improving outlook both domestically and globally, the sector remains cautious due to soft demand, rising costs and ongoing economic pressures. Moving forward, steel industry businesses will need to navigate these challenges strategically to maintain productivity and profitability.
With a recent rapid escalation in shipping costs reminiscent of during the pandemic, there are several cost pressures currently impacting landed product prices. While prices will likely remain volatile for the remainder of 2024 as businesses rigorously compete for volume, market prices have potentially “bottomed” as the accumulation of costs are unlikely to be offset through any exchange rate appreciation.
For the information you and your business need, explore the latest update.