Steel Market Update: Q3 2022 Outlook

Boyd Metals

While our team can be relied on for a weekly pricing trend report, we offer here an overview of the steel and metals industry in the summer of 2022. While prices are trending downward, US steel output is also slightly down again in July 2022. But, volatile global situations have us all on high alert and we will continue to monitor the situation on a global, national and local level.

With our recent acquisition by Russel Metals, we have a much deeper network and inventory from which to serve our customers. As a one-stop-shop for this industry, we continue to build our relationships and rely on our supply chain for timely estimates and accurate inventories. We do this work and pass on this knowledge to our clients.

Availability continues to be strong, which we see lasting through the summer. As these monthly have historically been months of lower demand, those ordering now may enjoy shorter lead times.

One other timely item of note is the urging from the American Iron and Steel Institute (AISI) for the US Senate to pass the CHIPS bill. With the shortage of chips, the automotive industry would be at a standstill. If we can bring the production of these chips to the US we are not held hostage to the worldwide variables that happen on foreign soil, in turn, our steel mills can keep producing steel on a consistent basis. This will decrease the market volatility in our industry and make the job of managing the steel supply chain, for buyer and seller, that much easier.

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Tags: Insider Tips, Industry Knowledge