Steel prices are skyrocketing...

[LZ1234]

and extremely hard to get now thanks to Bush. My husband who is involved indirectly in the business is saying this is becoming a nightmare.

[ewagner]

1. I picked up on that from a friend last Monday night

He didn't know what caused the spike but it has a HUGE impact on his business.

Why are they skyrocketing?

[denverbill]

2. If I had to guess, I'd say the collapse of the dollar.

A couple years ago, a euro woulda cost you about $.80. Now it would cost you $1.28. Thanks to Chimpy's irresponsible fiscal policies.

[ewagner]

3. That was my suspicion

but I haven't been hanging out in the economics forum lately....my bad

[LZ1234]

7. It's very confusing really.

Bush plays a big part but there are other factors. Apparently China is buying most of the steel because they're willing to pay whatever the price is and then some (they're getting ready for the Olympics and well as experiencing a general boom). Bush 2 years ago put in place a 17% tariff which angered other countries (he has a knack for that). He dropped the tariff recently hoping this would drop steel prices but it's gone the opposite. Steel price increases have gone up by 30-50% in the last few weeks. Most American steel industries have been closed because U.S. could buy it cheaper from other countries (thanks to U.S. investing funds into building these factories). Prices are continually going up on top of there being a steel shortage.

[Taeger]

8. The Competition

Becasue they successfully tanked the Steel industries in Pennsylvania and Northwest Indiana (Inland Steel).

[davsand]

4. They let our steel industry go down the toilet.

Why should anybody be shocked now that the price of that import steel is going up?

They have given up a vital industry and an industry that is essential to our national defense... Now you are gonna start to see the reason why it was a bad idea to let our national steel production get to this sad state of affairs..

Laura

[ochazuke]

5. I heard it was Chinese demand <eom>

[madrchsod]

6. shortage of raw materials overseas

demand for steel products in the united states and the united states lack of capacity to meet demand. the industry is in a 20 yr disinvestment in adding capicity, relying on improving new techs. to raise capicity thru efficency. the overseas problems are probaly the biggest problem. i`ve scrapped alot of steel and iron over the years and never got 245 a ton..