Final Thoughts
Final Thoughts
Written by John Packard
October 16, 2013
Steel Market Update saw a letter from Majestic Steel to their customers publically announcing a price increase. Majestic, which is well known as a supplier of coated products to the HVAC and construction industries, told their customers that the price increase is due to cold rolled base prices reaching as high as $39.50/cwt and $40.50/cwt on hot-dipped galvanized. The exact amounts of the increases were not published as they varied depending on industry, item, location and previously quoted pricing levels.
We encourage those who have received an invitation to participate in our steel market questionnaire to click on the link provided in your invitation (or reminder email). All responses are kept confidential and are combined with the other 100+ respondents that we get to all of our surveys.
Our articles on the on-going contract negotiations have struck a nerve with many readers. Over the past couple of days I have had conversations with a few large manufacturing companies who view the past and the present through a different lens than I have with my mill, service center and trading company background. I will spend more time on the subject but I would like to pose the question which was presented to me by a couple end users: What is a fair and/or reasonable price difference between a Tier 1 buyer and that of their smaller competitors? For that matter what makes a company a Tier 1 buyer vs. being Tier 2 or 3? Please send your comments to: John@SteelMarketUpdate.com
As always your business is truly appreciated by all of us here at Steel Market Update.
John Packard
Read more from John PackardLatest in Final Thoughts
Final Thoughts
Despite some scary headlines lately (especially about Trump potentially firing Fed Chair Jerome Powell) this is not October 2008 (financial crisis) or March 2020 (onset of the pandemic). But it sure seems like we’ve taken a relatively strong economy and poured a thick sauce of uncertainty over it.
Final Thoughts
I put some of our survey data through ChatGpt, with interesting results.
Final Thoughts
Nearly 50% of respondents to our latest survey thought hot-rolled coil prices have already peaked. And where will those prices be two months from now? Responses were decidedly split on that question.
Final Thoughts
A modest week-to-week change in HR price understates a huge swing in expectations.
Final Thoughts
What happens when ChatGPT meets SMU's Market Chatter? No, this is not an idea for the latest Hollywood blockbuster. Then again, with what Hollywood is putting out these days, Chatter Meets Chat might just turn out to be a hit. Rather, it’s that old idea of putting theory into practice. Recently, I conducted an interview with Doug Schrock, managing principal of AI at public accounting and consulting firm Crowe. He gave some tips on how to implement AI into your business.