STEEL: A Mad Scramble

"The slow-motion probing of the Administration for a set of 'painless' controls' has turned the steel market into a whirlpool of frenzy and uncertainty," said Iron Age last week. "The race for steel [is] a mad scramble, with no holds barred."

As expected, the first thing to emerge out of the scramble was the grey market. Cold-rolled sheets, which bring $82 a ton at the mills, soared to $180 to $210 a ton in the open market, while grey marketeers reached out as far as Belgium and Germany for new supplies. This happened despite the fact that there had not...

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