The recent $2.50 cwt. ($55/mt or $50/nt) price increase that was announced by US HSS mills late last month has started to gain traction, as buyers say they’re concerned that the possible 25 percent tariff against all US steel imports will not only spike US HRC spot market prices, but lead to supply shortages, which in turn would push prices even further upward.
In the last week, US domestic HSS prices have widened by $1.00 cwt. ($22/mt or $20/nt) on the top end of the range, bringing the current spot market price transaction range to $52-$53 cwt. ($1146-$1168/mt or $1040-$1060/nt), ex-mill.
In contrast, one year ago, US HSS spot market prices were trending at $46-$48 cwt. ($1014-$1058/mt or $920-$960/nt), ex-mill.
White House Press Secretary Sarah Huckabee Sanders today said the final announcement on tariffs will be announced later this week.