ASA IPD Materials Market Digest: Carbon Steel Pricing Continues 2024 Trend

From the new ASA Industrial Piping Division Materials Market Digest, an exclusive benefit for all ASA companies that belong to the association’s Industrial Piping Division, carbon steel pricing continued its 2024 trend and declined an additional 8% in October, 37% year-to-date.
 

Hot-rolled coil (HRC) slipped as industrial demand waned and over-supply at distributors reduced order backlogs for producers.
 

Industry giant, and vertically integrated producer Cleveland-Cliffs has indicated that the domestic steel industry is in a literal depression, as steel demand has been outpaced by rising labor and material costs.


Declining consumer demand for automotive and construction products has caused a stagnation that will languish until interests move back down. Nucor, Steel Dynamics and Cleveland-Cliffs are facing unique struggles, with Nucor in particular eyeing a 30% erosion in stock price year-to-date.


Updates such as this are available in the 10-page Materials Market Digest Report, available at the end of each month. Pricing trends, market changes and reports from ASA PVF-focused members are included in each report.