US Steel announced Wednesday that effective immediately, US Steel is increasing base pricing for all new flat-rolled products spot orders by a minimum of $3.00 cwt. ($66/mt or $60/nt). This increase is applicable to all open quotes and/or negotiations where an agreement is yet to have been concluded.
Pricing extras, as published on US Steel's corporate web site, will continue to be applied in full.
In a letter announcing the price increase, US Steel said "despite both North American and global raw material costs that continue to escalate, spot transaction prices have deteriorated in contrast to end user demand fundamentals which remain firm and/or forecasted to increase. This dynamic has created an unsustainable condition."