ArcelorMittal USA, SSAB and NucorSheet Mill Group last week announced that they would be raising prices on hot rolled coil (HRC) by $1.50 cwt. ($33/mt or $30/nt) effective with all new orders, but the announcement has not yet pushed prices upward.
Today, US domestic HRC pricing continues to trend in the approximate range of $19.75-$21.00 cwt. ($435-$463/mt or $395-$420/nt), ex-Midwest mill. Sources close to SteelOrbis say they believe that US domestic flats mills will be more firm with their offer prices; many believe that at least some of the recent price increase will take effect.
“It probably won’t be too long before the $22.00 cwt. and below pricing will be gone,” one source said, adding belief that prices on the bottom end of SteelOrbis’ current spot market transaction range may soon be unavailable.