US domestic flat rolled steel mills may have pushed out a round of pre-Christmas price increase announcements, but despite mills’ best efforts, prices have remained stagnant.
US HRC prices continue to hold in the range of $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) ex-mill, which is consistent with levels seen one week prior. It’s largely held that mills may succeed in pushing prices somewhat higher after the New Year, should scrap settle upward during the January buy cycle. However, any further price improvement is expected to be short-lived, as many believe the market is “close to the ceiling.”
Additional clarity is not expected until market players return from their year-end vacations on January 2.