US Steel, ArcelorMittal raise HRC prices: Update
US integrated steelmakers US Steel and ArcelorMittal increased flat-rolled steel prices today, their third increase in less than a month.
The price increase would push US Steel's target price for hot-rolled coil (HRC) up $30/st to $590/st, while ArcelorMittal's price increase pushed prices up $40/st to $600/st. US Steel's target prices for cold-rolled coil (CRC) and hot-dipped galvanized (HDG) rose to $790/st, while ArcelorMittal's increased to $810/st.
US Steel and ArcelorMittal have pushed price increases totaling $110/st and $120/st, respectively, since 25 October. Other steel producers have increased prices by $80/st, with the latest $40/st increase coming on 8 November.
The price increases came earlier than anticipated. Many service centers and mills expected the possibility of a third price increase from US mills between Thanksgiving and Christmas.
While lead times for US mills stretch into January, few have reported booking additional tons over the last few weeks, indicating that demand has tapered off. Before and after the first price increases were announced at the end of October, service centers booked many tons to take advantage of spot HRC prices that some said dipped below the Argus weekly domestic US HRC index of $488/st recorded for the week ended 22 October.
The Argus weekly domestic US HRC index rose this week by $7.75/st to $538.50/st ex-works Midwest as mills continued to hold the line on the previous two price increases.
The HRC price announcements come after SSAB this morning raised steel plate prices by $40/st, that company's second increase in two weeks.
Plate prices were reported at $626.50/st delivered for the week ended 19 November, down by 15pc since 24 September.
By Rye Druzin
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
