We are witnessing our own form of March Madness; if you are watching the steel market, you know what I mean. As we filled out our brackets this week, we’ve continued to see steel prices hit record highs.
On March 10th, the American Metal Market announced another record-setting price:
AMM – $63.08 / $1,261.60 p/ton ( +$7.80 )
CRU – $62.00 / $1,240 p/ton ( +$36.00 )
Scrap – $575p/ton ( +$70.00 )
Since July 2020, American Metal Market’s base price for hot roll has tripled.
Just like while we made our picks for the NCAA Tournament, there is no crystal ball to predict the future of the steel market. (It sure would be nice.)
Our promise to our customers is to continue keeping you informed and working with you through this volatile market.
These are unprecedented times causing material scarcity, extended lead times (10-12 weeks), and majorly adjusted prices.
These are the longest lead-times the market has seen in 15 years.
This is madness.
In a couple weeks, when we jump into Q2 2021 and see much of our material costs increase by 50 percent from January we want to express our gratitude for our partnerships with our vendors and customers.
Thank you for your trust in Compco and the opportunity to do business together. We look forward to working with you through the steel market madness.