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Article Excerpt
ONE OF THE OVERRIDING THEMES at June's Steel Success Strategies conference in New York was steel price hedging. Peter F. Marcus and Karlis M. Kirsis, managing partners of World Steel Dynamics--cosponsor of the event along with American Metal Market--contend price hedging is the future of the steel business.
The WSD duo believe the ability to hedge is particularly important to service centers and end-users. "Huge, and in some instances increasing, volatility in steel prices and ever-more-aggressive action by steel mills to quickly boost home-market prices have created an enormous need for steel buyers--middlemen and end-users--to hedge the steel price risk," they wrote in a presentation that accompanied their remarks.
To accelerate the introduction and acceptance of hedging, WSD launched the SteelBenchmarker system in April 2006. The SteelBenchmarker process involves the collection of prices from steel mills, traders, service centers, steel users and scrap processors on four fronts: the United States, China, Western Europe and the world export market. Twice monthly, SteelBenchmarker publishes the prices for hot-rolled band, cold-rolled coil, plate and rebar. In the United States, the system will also publish a price for shredded scrap.
Ultimately, the goal is to collect information from thousands of...
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