More US steelmakers hike flat-rolled prices
More US flat-rolled steel producers pushed price increases of $40/st today after electric arc furnace (EAF) steelmaker Nucor and integrated steelmaker ArcelorMittal announced price hikes yesterday.
US Steel, Steel Dynamics (SDI) and NLMK were all reported to be increasing flat-rolled prices by $40/st today as the industry tries to prop up steel prices. US Steel is said to be targeting $560/st for hot-rolled coil (HRC) products.
The price increase is being boosted by the recent ferrous scrap trade, where prices rose by $20/gt across most of the country after months of declines.
The push comes as US steelmakers attempt to maintain the momentum of a first $40/st price increase announced two weeks ago that helped HRC prices recover after hitting their lowest point since April 2016. The Argus weekly domestic US HRC index rose by $15/st to $505.50/st ex-works Midwest this week, up by 3.9pc compared to the yearly low of $488/st recorded in October.
With lead times pushed well into December or even January in some cases, the new prices will only apply to new orders that will not be delivered for nearly two months. Many service centers, which have been working through steel inventories for much of the year, have made large buys in recent weeks to take advantage of lower prices.
source: Argus Media
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