The big question for most of 2021 was "How high can steel prices rise?" The big question for 2022 is "How low can they fall?" Steel Market Update (SMU) checked the market the week of Jan. 10 and it showed the benchmark price for hot-rolled steel dipping below $l,500/ton ($75/ cwt) for the first time since April 2021. It should be noted that last April the hot-rolled price was on an upward trajectory that eventually would take it to a record high of $l,955/ton in early September.
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