Flat-rolled steel prices finally surpassed the dreaded four-figure mark in early 2021, hitting $1009/ton the week of January 6th. This is in stark contrast to the unprecedented low prices of steel in the spring of 2020, before the market was shaken by COVID-19.
However, price relief for custom steel manufacturers may be on the horizon. The economic recovery expected for 2021 – partially fueled by novel coronavirus vaccines hitting the market – has many analysts predicting a return to much lower industrial steel prices by the second half of the year.
Economic predictions remain guarded for Q1/Q2 of 2021, and projected flat-rolled steel prices are expected to remain high into the second quarter. With the ongoing COVID-19 pandemic, the market is simply too tumultuous to see steel prices correcting back to pre-pandemic levels by spring.
Rotation Engineering is working very closely with material suppliers and customers to ensure that we can support their needs with minimal impact in cost and delivery. We will get through these challenging times and continue to grow together….