Although US inventories are down at the distributors, they report that business is not robust. However, margins are holding. Supplyside tightness and ongoing escalating costs for raw materials, energy and freight are driving transaction prices up as producers announce a series of increases - $US30 per ton in January to be followed by $US40 per ton for February shipments. Import volumes are massively reduced and the price of foreign steel is soaring. These conditions are likely to last for some months ahead.

Canadian transaction numbers are advancing. Rising input expenses are creating a strong impetus for steelmakers to boost their prices, overshadowing relatively soft consumption. Imports in the first half of 2008 are expected to...

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