Steel prices are likely to keep going up for the remainder of the year. That is the consensus of a variety of analysts, who hinge their prediction largely on continuously rising demand, by China in particular. “(Steel) supply remains as tight as ever and inventories are low,” said steel industry analysts at UK-based MEPS LTD, a leading worldwide steel industry consulting firm.
“Along with the falling price of scrap, U.S. steelmakers have reduced their surcharge but, at the same time, have raised basis values,” said an MEPS assessment dated last month. “Generally speaking, transaction figures are either stable or rising slightly.”