Domestic Steel Prices Continue to Trend Downward

Domestic steel prices have been in a downtrend since August, when prices started to show the first signs of weakness. All forms of steel, except plate, have showed downward price momentum.Historically, steel prices move lower during Q3 and part of Q4. When the budgeting season starts, mills begin to raise steel prices. For the past three years, steel prices have increased at the end of Q1, just a little delayed from the general Q4 increase. However, this year the price increase remains in hibernation. Steel prices continue to move lower and lead times have not increased. In fact, lead times remain the shortest in a year.