Four
US-based flat rolled steel mills-- Nucor, California Steel Industries,
US Steel and NLMK USA have all announced they will be raising prices on all flat rolled steel products, including
US domestic cold rolled coil (
CRC), effective immediately.
And while the most commonly heard spot price transaction range has yet to firm, and continues to hold at $34-$36 cwt. ($750-$794/mt or $680-$720/nt), ex-Midwest mill, unchanged in the past week, many sources close to SteelOrbis say they believe the increase announcement has succeeded in setting a price floor.
“There are a lot of mixed feelings as to whether the increase will push prices up or if it’s more about preventing things from slipping any further,” one source said. “It could be that mills will need to announces a second increase in order to force the first increase into acceptance.”
Looking offshore,
US import
CRC prices in the domestic market from mills Thailand are still being heard at $30-$31 cwt. ($661-$683/mt or $600-$620/nt), DDP loaded truck in
US Gulf coast ports, although trader sources say they believe offshore offer prices will soon go up due to recent upticks in global raw material costs.