According to recent research by MEPS International Ltd, North American steel prices are expected to recover in the short term. This follows the substantial reductions recorded in the past seven months.
Attempts by steelmakers to lift prices are forecast to be gradually accepted in the market, in the coming months. A degree of inventory replenishment is anticipated. Furthermore, upward pressure on transaction values is predicted as a result of escalating costs of ferrous scrap and iron ore.
However, following the Section 232-related surge, last year, steel prices are likely to remain substantially below the peak values, recorded in that period.
Source: MEPS International News Alert