Written by executive editor Tom Stundza, Purchasing's Steel Flash Report is a concise monthly round-up of news and events that influence spot-market pricing for steel mill products. The report features the steel market's only definitive reporting of what buyers in manufacturing and construction industries are actually paying - and what they can expect to pay in future - for steel mill products

Latest Steel Flash Report – October 31, 2008, issue preview: 

Steel demand has gone AWOL, scrap costs have collapsed and steel prices have slipped

The CEO of a major steelmaker admits that the fourth quarter is being highlighted by “the volatile global economic climate” that has resulted in “softening demand and prices for flat-rolled products in North America and Europe.” That explains the October hot-rolled steel sheet price average decline of 8.5% from September to $854/ton. In fact, prices will sink even lower in the final two months, as early reports from buyers say November delivery prices are averaging $800/ton. All this reflects the fact that only 17% of steel buyers polled this month by Purchasing plan to increase steel purchasing into early 2009. 

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