Sunday, March 14, 2021

Steel Prices: Echoes of 2008

Here is an interesting article that describes the present steel prices hike and the link to the previous 2008 situation. Deja vu?

Excerpt:

"Last year was a turbulent one for most global commodity markets. Steel markets stunted by the impact of the Covid-19 pandemic experienced significant highs and lows. But this was not the first time a crisis muted global markets. The global financial crisis (GFC) of 2007-08 caused extreme volatility across all major steel-producing regions – including North America, Europe and Asia.

In 2020, the price of many steel products increased to record highs, spiking in line with short supply. The prices of steelmaking raw materials also moved violently during the year."
https://www.fastmarkets.com/article/3979114/steel-prices-in-times-of-crisis

Steel price increases losing steam?

Image credit - The Fabricator

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Oppenheimer and Oscar Economics

This  article  is quite long, but has important modern implications.  Source: Michael Ramirez, The Gazette.

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