Earlier today, United States Steel (USS) announced plans to raise base pricing for all flat rolled steel products by $5.00 cwt. ($110/mt or $110/nt), effective with all new orders. This increase, the letter stated, is in addition to the $5.00 cwt. ($110/mt or $100/nt) increase announced on October 19.
Per this announcement, US Steel is eyeing a new, minimum HRC base price of $45 cwt. ($992/mt or $900/nt), FOB mill.
The announcement comes just hours after the UAW announced they’ve reached an agreement with Ford Motor Company. Once that agreement is ratified by UAW members, this agreement would effectively end UAW’s strike at the Detroit-based automaker. At current, similar agreements have not been reached with General Motors and Stellantis. Strikes at those plants are ongoing.
As previously reported, SteelOrbis sources continue to indicate that they believe that flats mills will attempt to push HRC prices up to $50 cwt. ($1,102/mt or $1,000/nt), FOB mill once the UAW strike comes to an end.