Grain-oriented electrical steel — (GOES M3) – continued its price slide in June against smaller import volumes, and despite a higher domestic surcharge, reports MetalMiner.
Noting that the demand for certain types of steel has created shortages of some materials, surpluses of others, the MetalMiner analyst says the M3 price was expected to move higher as a key supplier, Allegheny Technologies, had closed its GOES line. Chinese antidumping cases may be having a counter effect. In any event, US domestic market participants thought GOES prices would flatten through the summer, then drop. This trend seems to be taking shape much sooner.
Meanwhile, Datamyne trade data shows imports of transformer parts on the rise, suggesting demand is holding steady.