Earlier in the week, the Nucor Sheet Mill Group led the charge in announcing a $1.00 cwt. ($22/mt or $20/nt) price increase announcement on flat rolled steel products, followed by ArcelorMittal and CSI by the end of the week. The big question is whether this announcement will fall flat or if it will succeed in firming prices. Some have speculated that a second announcement was going to be needed in order to force the May increase letter into acceptance. They also point out it’s too soon to tell how announcement #2 will impact the market.
For now, prices remain lateral. The average spot price for US domestic HRC is unchanged week-on-week, at approximately $23.00-$24.00 cwt. ($507-$529/mt or $460-$480/nt), ex-Midwest mill. Offshore offer prices are also unmoved. Interest in futures remains relatively weak due to high inventories.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US ex-mill spot price | ||||
| HRC | $23-$24 | $507-$529 | $460-$480 | neutral |
| Turkey* | ||||
| HRC | $20-$22 | $441-$485 | $400-$440 | neutral |
| Australia* | ||||
| HRC | $20-$22 | $441-$485 | $400-$440 | neutral |
| Brazil* | ||||
| HRC | $20-$22 | $441-$485 | $400-$440 | neutral |
| *DDP loaded truck US Gulf Coast ports | ||||