Commodities Latest News: Steel Prices Go High; Coal Prices Go Low

Commodities Latest News: Steel Prices Go High; Coal Prices Go Low

For all the people who love to buy and manage their commodities; here’s a bifurcation of the price ups and downs in the commodity market. People should be worried now with the steel prices going high and coal prices going low. Industry experts are foreseeing a price hike on the steel because of the COVID-19 global economic crisis.

Are Steel Prices Rising High?

This is a question that most of the steel dealers are asking. To get appropriate for this question, a team of Metal Miner has recently discussed with the steel buyers to mitigate the spikes in the prices.

According to Don Hauser, the Vice President of Metal Miner stated that the most successful and useful strategies would be peaking off the spikes in prices. He further added that it’s not essential to get the right price as it’s also crucial never to get the worse ones.

COVID-19 has severely impacted the supply chain industry as most of the countries are under lockdown. Presently, there’s no significant impact on dry goods and essentials. With steel not being a part of essentials, it’s quite difficult for the steel sellers and buyers to sell or buy their loads respectively. With a few markets opening up and demands to rise, there will be spikes in steel that will be observed. Similarly, coal prices are going to reduce because of several obvious reasons. The market is not likely to stabilize anytime soon as it’s quite challenging to predict when the COVID-19 virus is going to stop.