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Company news about Will 2020 be a better year for steel mills?

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Will 2020 be a better year for steel mills?

2020-01-22

2019 was a challenge for steel suppliers, with both demand and pricing on a downward slope for the first three quarters of the year. Although it’s still early, signs suggest that 2020 could prove to be a better year for the steel industry.


Steel mills, and the service centers that process and distribute their products, live and die by steel price. These producers and distributors have shockingly little control over the price of their products. Because steel is a global commodity, its price is subject to the shifting sands of supply and demand and various other, random economic forces. When steel prices get too low, it’s not healthy for steel companies.


In 2019 the benchmark price of hot-rolled steel dipped to unprofitable levels, reaching a low of $470/ton in October, down nearly 50% from the recent peak of $915/ton in July 2018, according to Steel Market Update (SMU) data. Plant closures, furnace idlings, and worker layoffs dominated the headlines during the year.


In hopes of reversing the trend, the major flat-rolled mills announced their first price hike in late October. With the support of distributors, the increase gained some traction. Prices began to rise, and the mills followed up with four more increases, totaling $190/ton, over the next two months.

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News Details
Home > News >

Company news about-Will 2020 be a better year for steel mills?

Events

News

Cases

Will 2020 be a better year for steel mills?

2020-01-22

2019 was a challenge for steel suppliers, with both demand and pricing on a downward slope for the first three quarters of the year. Although it’s still early, signs suggest that 2020 could prove to be a better year for the steel industry.


Steel mills, and the service centers that process and distribute their products, live and die by steel price. These producers and distributors have shockingly little control over the price of their products. Because steel is a global commodity, its price is subject to the shifting sands of supply and demand and various other, random economic forces. When steel prices get too low, it’s not healthy for steel companies.


In 2019 the benchmark price of hot-rolled steel dipped to unprofitable levels, reaching a low of $470/ton in October, down nearly 50% from the recent peak of $915/ton in July 2018, according to Steel Market Update (SMU) data. Plant closures, furnace idlings, and worker layoffs dominated the headlines during the year.


In hopes of reversing the trend, the major flat-rolled mills announced their first price hike in late October. With the support of distributors, the increase gained some traction. Prices began to rise, and the mills followed up with four more increases, totaling $190/ton, over the next two months.

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