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US steel prices are up over 200% and expected to remain high into 2022
In March 2020, prior to the COVID-19 pandemic, steel prices traded between $500 and $800. The price of steel as of July 2021 is up over 200%, trading at $1,800, and many involved in the market don’t see the price reducing until at least 2022. Prices are expected to remain high due to the massive outstripping of demand vs supply, and the time it will take for supply to catch up and replenish depleted steel stockpiles. Steel remains a pillar of American industry During the initial months of the COVID-19 pandemic shutdowns, many steel mills in the United States halted production under the assumption the world was ... (full story)