Large volumes of steel imports, together with collapsing oil prices, have led to cuts in US domestic steel production. However, these have not been sufficient to stem the continual, month-on-month, decline in flat product transaction values.
Buyers are reluctant to make large purchases as figures trend downwards, Commodities Now reports. The volumes of unsold foreign material at the docks are climbing. Some of this steel is now priced above current domestic levels as local steelmakers have responded to the import threat.