US domestic HRC prices have inched up slightly since our last report a week ago, from an average of $25-$26 cwt. ($551-$573/mt or $500-$520/nt), ex-mill, to $26 cwt. ($573/mt or $520/nt), ex-mill.
And while many within the US domestic steel industry expected flats mills would announce a third price increase after scrap settles in December, today, US Steel shocked buyers by announcing early.
Earlier today, the steelmaker announced it would be raising prices for all new flat rolled steel orders by a minimum of $1.50 cwt. ($33/mt or $30/nt), adding the increase is “also applicable to all open quotations and/or negotiations when an agreement is yet to be concluded.”
US Steel did not set new minimum base pricing for HRC, CRC or HDG coil in the announcement.
As of time of publication, other US domestic flats mills have yet to announce. The question as to whether US Steel will be successful in pushing prices upward, in the absence of other mills’ announcing, has yet to be determined.