For the first time since last summers slump (2018) US steel prices have increased.
Good news for the steelworkers of ArcelorMittal and Nucor as increasing prices have bumped up company profits for US steel to $1.1 billion.
However it’s not great news for house builders and consumers, so if you are looking at any projects with a large steel component then you may want to investigate if now is a good time to buy, or if it would be better to wait and see if prices come back down.
Hot-dip galvanised coil prices are up by $40, now offered at $730 per ton which is a significant raise and reflects positivity in the wider economy.
While it’s not recommended to lock in prices for US business, if your business is reliant on steel supply in the very short term you may want to start hedging against the increases or increasing on hand stockpiles.
Written by Oliver Smith, CEO of Green Building Elements