Don,
Pete K. is exactly right. China is buying up any and all of the steel they can get their hands on.
I am a structural engineer and have been watching this for the last year or so.
Designed a building last year and the estimates came to about
$900,000 for the structural steel package. Just last month finished a re-design of the building which eliminated one "ENTIRE FLOOR" new bids came in at 1.6 MILLION for the steel package, almost doubled(with less material) in the space of 9 or ten months.
Have a good one,
Dan