U.S. steel prices have plummeted since late 2014 but perhaps what is more surprising is the fact that they had not fallen earlier. US steel prices have fallen by 17.5% since the beginning of this year, having been largel…
U.S. steel prices have plummeted since late 2014 but perhaps what is more surprising is the fact that they had not fallen earlier.
US steel prices have fallen by 17.5% since the beginning of this year, having been largely stable for much of 2014.) This was in sharp contrast to both EU and, particularly, Chinese prices which fell sharply.
Factors that could explain the resilience of U.S. steel prices last year include strong demand growth, notably from the construction and auto sectors, and adverse weather in early 2014 which encouraged buying due to fears over shortages.
As availability in the US market picked up and stocks rose in H2 2014, prices started to ease.
Capital Economics notes in a report on Friday:
Market conditions suggest prices will continue to struggle this year, but we expect a modest rebound in 2016 as the market tightens.
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