X - Hot-rolled steel price reaches record as infrastructure deal whets appetites

Taitai6769/iStock via Getty Images Hot-rolled coil prices have more than tripled over the past year to reach an all-time high $1,801/short ton today in New York, after gaining 2.7% since President Biden said he reached the $579 infrastructure deal on Thursday. ETF: [[SLX]] Relevant tickers include [[X]], [[NUE]], [[CLF]], [[STLD]], [[MT]], [[RS]] The total amount of the U.S. government's plan likely will be greater than the bipartisan compromise, says Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management. "This is a scenario that we do not think markets are fully pricing for yet, and thus could provide a tailwind for the reflation trade if momentum for a 'two-bill' track builds," Marcelli says. In addition to continued tightness throughout the steel supply chain in the U.S., logistics issues from trucking to railcars to deepsea freight also are an ongoing market hindrance, S&P Global Platts reports. Despite huge returns over the

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Hot-rolled steel price reaches record as infrastructure deal whets appetites