US domestic scrap prices settled up across the board this month; not surprisingly, two US domestic flats mills have already announced they’ll be raising spot market prices for US domestic hot rolled coil (HRC) effective immediately.
ArcelorMittal this week announced their new, minimum base-price for US domestic HRC would be set at $30.50 cwt. ($672/mt or $610/nt). In contrast, current US domestic HRC spot market is trending in the approximate range of $25.50-$26.50 cwt. ($562-$584/mt or $510-$530/nt,) ex-Midwest mill. The current price point reflects an approximate $0.50 cwt. ($11/mt or $10/nt) increase from pricing levels seen last week.
AK Steel was the second flat rolled steel mill to announce they would be raising prices. And while that announcement indicated AK Steel would be implementing a $3.00 cwt. ($66/mt or $60/nt) price increase, effective for all new orders, the mill did not set a minimum base price.
All market sources that SteelOrbis has spoken with believe it “is just a matter of time before the rest of the mills announce higher prices.”