On Tuesday of last week, US HSS mills announced they’d be raising prices by minimum of $7.50 cwt. ($165/mt or $150/nt), effective immediately for all new orders. Exactly six days later, HSS producers rolled out a second price increase, in the amount of $10 cwt. ($220/mt or $200/nt), also effective immediately.
Sources have widely confirmed that spot market prices have surged in the past ten days, from an average of $82-$83 cwt. ($1,808-$1,830/mt or $1,640-$1,660/nt) FOB mill, on Monday March 7, to an astonishing $99.50-$101.50 cwt. ($2,194-$2,238/mt or $1,990-$2,030/nt), FOB mill, as of today.
Lead times, sources say, are now "extending out until June."
Sources further state that if HRC prices continue to climb “at breakneck speed, HSS prices will surely follow. We all thoughht things had finally leveled off, but now we're back to insanity."