The rumors that US domestic flat rolled steel mills would soon be announcing a price increase, have proven to be true.
Today, NLMK and ArcelorMittal USA announced they would be raising prices on all flat rolled steel products, including US HRC, CRC and HDG coil, by a minimum of $2.00 cwt. ($44/mt or $40/nt), effective with all new orders.
It’s expected that other flats producers will be quick to follow suit. Market participants, however, question whether mills will succeed in pushing prices higher, due to oversupply and tepid demand.