World Steel Dynamics' much-discussed June 2018 prediction that US domestic hot-rolled coil prices would plunge $200 per tonne by the end of the year proved to be uncannily correct.
Market weakness reflected in the final few business days of December made the difference, according to Fastmarkets AMM's daily US Midwest hot-rolled coil index.At the Steel Success Strategies XXXIII conference on Tuesday June 26, WSD managing director Peter Marcus issued the forecast, which was an eyebrow-raiser at the time.Fastmarkets AMM's final daily US Midwest hot-rolled coil index reading of the year, on December 31, was $36.21 per hundredweight ($724.20 per ton).Converting to metric tonnes, the decline since Marcus spoke on June 26 was $205.25 per tonne. Measuring from its 2018 peak in July, domestic...