After a brief, summer-long stretch of rising demand, steel prices are starting to decline, indicating that moves to increase production may have been too much too soon.
Hot-rolled steel, a benchmark grade that typically is processed into cars, building structures or appliances, cost about $600 to $620 a metric ton in August. Now it can be had for about $550-$570 a ton, a drop of about 8%, according to World Steel Dynamics, a steel research firm.
Steelmakers, with their exposure to a wide variety of end markets, from consumers to industrial users, are generally a leading indicator of economic strength. ...
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