Mittal, US Steel, Nucor raise sheet prices

US flat-rolled steelmakers ArcelorMittal, US Steel and Nucor have increased sheet steel prices after widespread steelmaking closures related to Covid-19.

US Steel raised hot-rolled coil (HRC) prices by $60/st to a target of $500/st, while cold-rolled and coated products increased by $60/st to $700/st.

Market sources said electric arc furnace (EAF)-based producer Nucor increased flat-rolled pricing by $50/st, while ArcelorMittal set a base price of $500/st for HRC.

The announcements come as spot HRC pricing has fallen by 24pc since the beginning of the year, with the Argus weekly domestic US HRC index ending this week at $470.57/st.

Coronavirus-related shutdowns of the steel intensive US auto and energy industries contributed to integrated and EAF steelmakers taking more than 15.5mn st/yr of flat-rolled steelmaking since late-March.

By Rye Druzin

source: Argus Media