Ready for some predictions about what the future may hold for steel prices in 2024?
Lifetime Metal Sales is ready to give them.
In this blog, we are going to give you both our predictions for steel pricing and our reasons for them.
Let’s dive in.
We All Want To Know…
All contractors want to know the answer to this important question: “What are steel prices going to do during the rest of 2024?”
Today, we’re going to tackle this question, but first, here’s another question:
WHY is this answer so important?
The Importance of Accurate Quotes
As you know, it’s because the accuracy of your quotes depends on it.
When you quote a job, you are saying the following: If you buy this metal from me, this will be your price.
Usually we guess within the margin of error, but all of us remember the pandemic. None of us ever want to re-quote or, worse yet, ask for more money.
Let Lifetime Metal Sales help you quote more confidently today!
No Crystal Ball – Only Our Fearless Prediction
What We Believe
Here’s our best answer as to where the steel market is heading in the next 1-2 months and our reasons for this belief.
Lifetime Metal Sales believes that your steel prices will remain FLAT for the next 1-2 months.
Why We Believe It
Domestic mill pricing dropped in the first quarter. The domestic mills followed that drop with “mill outages,” maintenance intended to reduce capacity. Steel production was down 2.4% through April 13, 2024, compared to the same period last year.
The mills did this in hopes that the lower supply would push prices up. However, foreign mills pumped a lot of tonnage into the U.S. market starting in March. This foreign tonnage spiked supply and may be part of the reason that new tariffs were placed on Chinese steel and aluminum in May. This foreign tonnage counteracted the domestic mill outages.
General effects such as future interest rate drops and market demand seem to be pulling against each other, creating another reason why we see a flat price.
Do you agree with this prediction?
Let us know anytime!
We Want YOU to Be Able to Quote More Confidently!
More than anything else, we hope this answer helps you plan for your busy season with greater confidence!
Lifetime Metal Sales has the expertise to serve you, and we’re here to answer your questions anytime!
We’re Here for YOU!
Give Lifetime Metal Sales a call today! With our top-quality metal forming equipment including the New Tech SSQ II, we help you find the solutions YOU need for YOUR business!
Call Lifetime Metal Sales TODAY at 989-433-5705!