Following price increases from Severstal North America and NLMK USA on Monday, both US Steel and ArcelorMittal USA have announced $2.00 cwt. ($44/mt or $40/nt) price increases.
US Steel said in a letter to customers that "due to changing market conditions, base pricing for all new flat rolled product spot orders is increased by a minimum of $40/nt, effectively immediately. This increase is applicable to all open quotes and/or negotiations where an agreement is yet to have been concluded, and pricing extras, as published on our corporate web site, will continue to be fully applied.
ArcelorMittal's increase letter was similar, indicating a $40/nt increase on all "light flat rolled products" on account of a change in market conditions.
On Thursday, California Steel Industries (CSI) issued a letter to customers that said, "Due to changing market conditions, California Steel Industries is increasing the price of Hot Rolled, Cold Rolled and Galvanized products by a minimum of $40/nt, effective immediately." In the letter CSI also cautioned that "customers are reminded that prices are subject to change at any time unless a firm price has been previously quoted or confirmed, for a specific period."
SteelOrbis has been informed that a few other mills have begun announcing similar moves through internal company memos, while others are anticipated to announce an increase in the next couple days.