US Steel raises HRC prices $30/short ton
US integrated steelmaker US Steel increased its flat-rolled steel prices by $30/short ton, its third increase in less than a month.
The price increase would push US Steel's target price for hot-rolled coil (HRC) to $590/st and for cold-rolled coil (CRC) and hot-dipped galvanized (HDG) to $790/st.
US Steel has pushed price increases totaling $110/st since 25 October. Other steel producers have increased prices by $80/st, with the latest $40/st increase coming on 8 November.
US Steel's new increase 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 US Steel announcement comes 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
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years