US domestic HRC prices level for third straight week

Last week, US Steel announced a $1.25 cwt. ($28/mt or $25/nt) “effective immediately” base pricing price increase on all new flat-rolled spot orders, but the announcement failed to make waves in the market.  Other flats mills chose not to follow that lead, and to date, US Steel is the only domestic mill to “throw the increase against the wall” to see if it would stick (and if you look at spot prices for flats products across the board, you’ll quickly see it has not). As it stands, the most commonly reported spot price transaction range has held steady for the third week in a row, still at $32.00-$33.50 cwt. ($705-$739/mt or $640-$670/nt) ex-Midwest mill, although there are some rumors that the largest customers who are willing to book big tons may be able to negotiate slightly better.  In terms of futures prices from Mexico and Russia, they too have not wavered, with order activity and inquiries also remaining stable.