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Friday April 15, 04:01
Steel industry slowdown leads to prices downfall
(by Brigitta Zulflitzler)
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Steel prices in the U.S. have fallen for six months and do not seem rise in the second quarter, industry executives and analysts had predicted. The prices downfall forced producers in US as well as in Europe to slow output.
"The first quarter has been good. But we think by the second half of this year, we will see the steel industry being affected" by expected slower economic growth in the U.S., said Tanweer Akram, an economist with Economy.com in West Chester, Pa.
Weakening demand in China is said to have tempered prices around the world.
Spot prices of hot-rolled coil, with is mainly used in auto and washing machine industry, have stumbled 20% to the current $575 per ton from $735 early in the fourth quarter. The similar downward tendency is noted in Europe as well as in China.
Some experts say the cause of the prices downward is a slowdown in auto production and in commercial construction markets. Still, there are opinions that steelmakers are simply reacting more quickly to market changes and are cutting production with a protection purpose.
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