US HRC mills attempt to hold the pricing line

The early-May price increase that was rolled out by US domestic flats mills may not have gained official traction, but sources close to SteelOrbis say mills seem to have drawn a “hard line” when it comes to making deals.  The most commonly reported spot price transaction range is a bit more narrow than it was in the first part of the month, with deals in the $22.00 cwt. range, that were previously only available for the largest customers, are seemingly no longer in play.  Today, the current average spot price transaction range is $23.00-$24.00 cwt. ($507-$529/mt or $460-$480/nt), ex-Midwest mill. 

Order activity is “OK,” according to sources, who continue to report that buyers seem to be exercising caution because as with last week, no one is rushing to pay higher prices for steel.