US Steel, ArcelorMittal USA (AMUSA) and Nucor Sheet Mill Group have announced they will be raising prices on all flat rolled steel products, including hot rolled coil, cold rolled coil and hot dipped galvanized coil, by a minimum of $2.00 cwt. ($44/mt or $40/nt), effective immediately.
Although Nucor and US Steel did not announce new, minimum base pricing, AMUSA has set their new base price for HRC at $31.00 cwt. ($683/mt or $620/nt), CRC at $41.00 cwt. ($904/mt or $820/nt), and HDG coil at $41.00 cwt. ($904/mt or $820/nt).
The announcement comes after several days of rumor and speculation, that mills would announce an increase based on lengthening lead times and a forecast uptick in domestic scrap prices during the March buy cycle.