RE:RE:It's all in the price of steelI agree with the original poster that it is basically tracking the Steel futures price recently but with less volatility because of the cash on hand. While some of the later months prices may have risen since August, the spot market is down from ~2K to 1.6K (Friday settlement for December contract) which comprises a drop of 20 percent in the "active" contract. None of the Steel companies seem to be receiving the futures price. Stelco recieved ~1400 USD per nt during the last quarter. This was during the peak while the spot prices were 500 USD more per nt for basically the entire 3 months. Also I was told that 1320 (that I saw from other Steel Companies) was way too low for Q3 pricing from someone (marsman i think?) on this board and to expect 1600-1900 USD per nt. If we did have 1900 USD per nt and 710 nts and a 25% tax rate, we would have seen earnings at 50% more per share than what we did lol. I am still a holder but I keep having to clamp down the overexcitement on this board. Hard to exceed expectations when the expectations are unreasonable/unrealistically high.
extremerisk wrote: Steel futures price change August 2021 to November 2021
Been tracking movement in steel prices and looks very good to me. You need to track changes daily to see trend
Month Aug 2021 price Nov 2021 price
Nov 1662 1797
Dec 1601 1650
Jan 1565 1540
Feb 1505 1445
March 1405 1354
April 1405 1308
May 1383 1283
The pattern is pretty consistent. As you approach the future date the price rises so really from early Aug to now there has minimal change other than price rises as the future month approaches
steel prices remain strong and way way above Stelco's cost per ton of $500 USD. Plenty of sun shining to make plenty of hay here.