Russel Metals Says Steel Prices Rebounded in March — Commodity Comment

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By Stephen Nakrosis

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Steel prices moderated early in the first quarter but “rebounded significantly” in March, Russel Metals Inc. said Tuesday.

The rebound was “due to reduced inventory in the supply chain, further global supply chain disruptions caused by the Russian invasion of Ukraine and strong demand,” the company said.

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“Over the past year, steel prices and our margin dollars have remained above historic levels, and we expect both to remain above historical levels over the near term,” the company said.

On Energy Sector:

In the energy sector, “operating conditions continued to improve in conjunction with the increased activity in the oil and gas sector,” according to the company.

Russel Metals also said, “New projects in the oil and gas sector and a short spring breakup should result in gradually improving demand in our energy products segment over the near-to-medium term.”

Write to Stephen Nakrosis at [email protected]

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Credit: www.marketwatch.com /

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