Contrary to earlier forecasts that new steelmaking capacity in North America would reverse the record-high price spike this year, analysts and market participants now have indicated that the additional production will not have much impact until deep in to 2022.
Steelmakers increasingly envision a feasible path to carbon neutrality by deploying a diverse array of partnerships and technologies in clean energy, efficiency advances and novel production techniques.
Hot-rolled coil prices in the United States have risen yet again to an all-time high after buyers perceived that the tight availability of spot material likely will not loosen up before domestic mills begin a series of maintenance outages.
The prospect of more than 5 million tons of additional flat-rolled steel production starting up in the United States by the end of this year has convinced some market participants that the current run of all-time record-high sheet prices must come to a screeching halt by summer.
Hot-rolled coil prices in the United States retreated after opening the year at their highest level since August 2008, with buyers bracing for more price increases due to strong automotive-related demand and soaring ferrous scrap costs.
Hot-rolled coil prices in the United States retreated slightly, one day after soaring to a 12-year high, while spot market supply might be insufficient to serve the needs of manufacturers potentially for months.