U.S. steel makers have the added benefit of favorable exchange rates, which have tamped down imports and stirred sales overseas.
"High shipping rates and the weak dollar are giving producers here a lot of leverage, particularly in the spot markets," said Bob Richard, senior research analyst at Longbow Research.
Hot-rolled coil sold at $670 a ton on Jan. 25, according to a recent report from Citigroup. That was up from $543 during last year's fourth quarter and well above the 2007 peak of $580.
Cold-rolled coil fetched $750 a ton on Jan. 25 vs. $640 in the fourth quarter and $680 for the 2007 peak. Gains were reported across most product categories.
No Slowdown Seen
Most analysts see prices remaining strong this year, even amid U.S. recession worries.
No worries here -- prices are contained -- it's all OK -- just lower rates again and all will be fine.....
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