Worthington Steel Flat Roll Processing

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Prices remained stable week-over-week, with hot roll coil in the range of $640-$680 a ton. Nucor held their Consumer Spot Price flat @ $650 ton, but the theme remained the same, with buyers holding out and waiting for better prices. Outages are starting to be discussed for the late third quarter at some of the mini-mills, their typical maintenance, but will it be anything significant enough to change direction? Buyers are looking forward and seeing that their contract prices will settle after discount at a lower price than spot is currently advertised, so will that continue to put pressure on spot prices? #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

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Happy Fourth of July from Worthington Steel! Wishing everyone a fun and safe holiday. #DrivingSteelForward

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing The holiday and falling prices have allowed buyers to take the week off. Pretty much nothing has happened since last week, and buyers do not seem concerned with any upside in pricing in the near future. Pricing remains around $670 for hot roll coil with some plus or minus depending on who you are and how much you buy. More buyers are searching for a better number than most mills are willing to offer. Could we be close to an actual bottom? With contract prices resetting for August and automotive outages finishing up, expect mills to move lead times out of August quickly.   #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Pricing remains under pressure; the market saw a significant drop from last week on all products, and hot roll coil prices are in the range of $670, depending on who you follow. I, like most, get asked frequently how low the price will get. With the consolidation in the market, I would have expected we would be close to the bottom, but welcome to the world of transparent pricing. In a soft market, it has provided more direction and a number to be beaten by domestic and international competitors, paving the way for lower contract pricing in the coming months. It won’t always be that way, but in a period of destocking and increased capacity, a bad situation is worsening. We are not even to the holiday yet, and it feels like most buyers have checked out, showing no concern for upward market momentum. Historically, when buyers all seem to be going in one direction, that is usually when things change. #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Pricing slid week-over-week, driven mainly by buyers remaining on the sidelines and destocking. Hot roll coil pricing is in a wide range, and expectations are that there is still more downside pressure. Analyst pricing is somewhere in the $700-$720 range for hot roll, but those are averages, so most buys are thought to be below $700 ton. Some mills have shown resistance in pricing at the lower levels, but big buyers believe they can do much better; rumors of “deals” are all anyone wants to discuss. Demand is probably more of a concern, no surprise that demand is soft with prices falling and some automotive outages still upcoming, but it is picking up headlines and referenced as oversupply. Scrap for July is expected to be down a bit more potentially, but we have some time yet. Usually, when everyone is headed in the same direction, that is when something happens, but it does feel a bit different this time around. #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Well, pricing is again solidly under pressure, following a $ 60-a-ton reduction week-over-week from Nucor on their Consumer Spot Price dropping to $720. Almost every analyst has followed the move and dropped their numbers from last week. Expect buyers to continue to hold out and wait for better prices, with more deals reported south of $700 a ton for hot roll coil. Coming into this week, there was a slight feeling that prices were close to bottoming out, and with mill lead times into July, demand was expected to pick up with better August shipments on the horizon, but Nucor’s drop in pricing and prime scrap moving down around $40 killed any momentum. You would think that inventories have been coming down, and that should continue with spot buyers on the sidelines, so maybe we will get that feeling back of the market bottom in another few weeks. Not seeing the traditional bounce back from the bottom these last couple of times makes it a bit concerning for those who try to buy ahead when they think the price is rising. #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Pricing still seems under pressure as most analysts continue to step their numbers down, but it does feel like the downward momentum is slowing. General pricing for hot roll coil is somewhere in the $750-$800 range. Buyers still believe better deals are out there, but maybe not in the Midwest. Most mill lead times are into July. The July order book is expected to fill better than the previous month now that contract prices have reset at lower levels. Generally, buyers buy to support August's demand. However, spot buyers look to be still holding out; it seems like news of scrap buys for June is turning negative, so some buyers think that is a sign that prices should be lower, even though most mills would tell you that scrap prices are reacting to what steel prices have done. #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Vice President of Purchasing Buyers still believe pricing is under pressure, but not every mill is on board with that thought because Nucor has moved up their Consumer Spot Price for the second week in a row, now @ $780 per ton. Analysts have pricing in the range of $750-$760 ton for hot roll coil, but buyers believe there are deals to be made. Lead times are key to watch in this environment, as many buyers believed lead times would shorten as the mills struggled to fill June, but the reality is there are probably more mills into July for hot roll than the reverse. July should be a healthy booking month for the mills, with contract prices resetting on both the quarterly and monthly at better levels than the prior month and buyers needing to rebuild inventory for August shipments. Then, there is the possibility that prices have bottomed out, and the mill order books will get bumped by spot buyers returning to the market. A couple of deals may be done, but it does not feel like there are as many available as buyers are counting on. Scrap is looking to be sideways to down $20 for June. #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say about the current state of the steel market:  - Jason Miller, Sr. Director - Purchasing/Cost Planning Buyers continue to stay short and search for deals while hot roll coil prices continue to trickle down, but no one really agrees on what a good price is right now. Hot roll coil prices are around $760 per ton; again, not every mill is selling at that number, and bigger buyers expect they can do better. June is expected to take a bit longer to fill for mills, with spot buyers sitting out and contract buyers more focused on July prices with the market falling. However, Nucor raised their Consumer Spot Price week-over-week, from $760 ton to $770 ton, a possible signal to buyers that the bottom is closer than some believe. Traditionally, most spot buyers miss the bottom of the market, and I would not expect this time to be any different. Sure, there will probably be some deals done, and they will be fun to talk about, but it does not feel like there are as many available as buyers would expect for this time of year. Shipments are still heading out the door, and some would say the summer slowdown for automotive is not going to be as drastic as years past, so maybe the future market is on to something. #steelindustry hashtag #steelnews hashtag #steelmanufacturing hashtag #steelproduction hashtag #automotive hashtag #businessintelligence