EAF producers have been able to remain profitable during this challenging time, however, we expect integrated producers to book losses in 3Q. We likely need HRC prices in the upper $400/st range in order for integrated producers to return to profitability, in our view,” said Cowen in a research note posted by Ben Levisohn of Barron’s.
Recently declining production has not been enough to offset plunging demand.
“Growth in production has slowed considerably since then, but this has proved insufficient to compensate for the slump in demand,” according to CNBC.
Market Vectors Steel ETF