This week the steel indexes increased on all products with the exception of Galvanized. Hr +22, Cr +19 and HDG -1.
Questions remain as to the continued trajectory and its longevity. Futures market for Hr has been volatile; Q2 trading in the neighborhood of $685.
The current administration meeting at the world economic summit this week. Could this be the platform for a Section 232 announcement regarding steel? It seems that the recent 201 announcements on solar panels as well as washing machines indicates a tough stance on trade inequities and a move towards protecting some markets. My thoughts are that any announcement, yay or nay will have an immediate effect on the metals pricing in the respective direction of the ruling.
Stay tuned as we may be in for a bumpy ride!