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National Steel Prices Rising
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National Steel Prices Rising

December 16, 2020

Steel demand is outpacing production. Steel mills, which had a reduction in capacity in the 2nd quarter 2020, have been slow to ramp production back up even though demand has increased and continues to do so. Because mills are reluctant to ramp production up too quickly given the uncertainty in the coming months, a supply imbalance has led to current national steel inventories being at their lowest since 2004. Furthermore, steel prices continue to rise as buyers compete for this limited inventory.

GSM Industrial has seen these material increases for the past several months and according to our suppliers, the industry will likely continue to see increases into the New Year.

What does this mean to you, our customers?

  • GSM Industrial will honor any order placed within the timeframe specified on our quotations.
  • If your quotation has expired, please contact your Account Representative to determine if/how rising material costs may have impacted your quotation specifically. GSM promises to make our best effort in mitigating the impact to you, however, please do not assume quoted prices will remain the same.

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