US DOC lowers reference prices in suspension agreement with Russia

The US Department of Commerce has announced the first quarter 2012 reference prices for hot-rolled steel flat products pursuant to the suspension agreement with Russia. 
 
The reference prices for the first quarter of 2012 (i.e., January 1 -- March 31, 2012) are as follows (with the reference prices from the fourth quarter of 2011 in parentheses for comparison):
 
Group 1:  Commercial and Structural Quality Steel -- A36; A1011-CS; A1011-SS-Grades 30, 33, 36, 40; A1018-SS-Grades 30, 33, 36, 40; and API 5L Grades A and B
 
Reference price:  $437.07 per metric ton ($463.12 per metric ton)
 
Group 2:  HSLA & HSLA-F Quality Steel Grades -- A752; A1011-HSLAS; A1018-HSLAS; A1011-HSLAS-F; A1018-HSLAS-F; API 5L Grades X42, X46, X52, X56, X60; and API 5CT Grades J55 and K55
 
Reference price:  $479.87 per metric ton ($508.47 per metric ton)
 
Group 3:  High Grade Coils and Sheets for Pipes and Casings -- API 5L Grades X65, X70, X80
 
Reference price:  $557.94 per metric ton ($591.19 per metric ton)