Last week, US domestic flat rolled steel mills announced a third price increase; the most recent announcement indicated that prices for US domestic flat rolled steel products, including US domestic hot rolled coil (HRC) would be raised between $1.50-$2.00 cwt. ($33-$44/mt or $30-$40/nt), effective immediately.
ArcelorMittal USA (AMUSA) told customers they had set a minimum base price of $28.00 cwt. ($617/mt or $540/nt) for US HRC. And while that announcement did succeed in raising prices by $1.00-$2.00 cwt. ($22-$44/mt or $20-$40/nt), to $26-$28 cwt. ($573-$617/mt or $520-$560/nt), ex-Midwest mill, the current week’s spot market price transaction range has held sideways. That trend is likely tied to the US Thanksgiving holiday, as many within the US steel industry have taken the week off.
It is, however, believed that US HRC prices will continue to firm within the above stated range after the weekend.