US domestic HRC mills finally increase prices

US domestic flats mills rolled out price increases in rapid-fire succession on Tuesday, with the average span pushing for a $1.00-$1.50 cwt. ($22-$33/mt or $20-$30/nt) uptick over current spot pricing.  Once approved, this would firm the current average spot price transaction range by $1.00 cwt. on the bottom end, bringing the market to $23.00-$24.00 cwt. ($485-$529/mt or $460-$480/nt), ex-Midwest mill; for now, though, the announcement is still “too new” to have inspired any immediate change.

Meanwhile, offshore producers have become increasingly aggressive with their offer prices, but US buyers say it’s not quite enough to entice a lot of interest.  US lead times are still relatively short, according to sources, who say that domestic mills have started to offer futures as a means of better competing with offshore competitors.