It’s been two weeks since US domestic flat rolled steelmakers announced they would be implementing an immediate $2.00 cwt. ($44/mt or $40/nt) price increase; and while many within the US HSS market believed that if flat rolled steel prices moved up, HSS prices would follow, neither has occurred. If anything, US HRC prices are “a bit softer” now than they were when the increase was announced.
US HSS prices are also down since our last report a week ago. The current range, which was previously trending between $58-$60 cwt. ($1,279-$1,323/mt or $1,160-$1,200/nt), ex-mill, is now being heard at $56-$58 cwt. ($1,235-$1,279/mt or $1,120-$1,160/nt), ex-mill.
Some SteelOrbis sources believe that if prices remain soft, HSS mills may also try to push for a end-of-year price increase, which may be less about increasing prices and more about preventing further price erosion.