Steel Products
U.S. Steel Announces New $50 per Ton Price Increase
Written by John Packard
February 27, 2013
Steel Market Update (SMU) started receiving calls by late this afternoon advising us to prepare for a new round of price increase announcements. This afternoon, United States Steel Corporation (USS) put out a letter under the signature of RY Kopf, General Manager North American Flat-Rolled Marketing, advising the various General Managers of Sales of an immediate change to USS spot pricing.
According to the memo seen by SMU, “Effective immediately, base pricing for all new Flat-rolled products spot orders is increased by a minimum of $50 USD per net ton. This increase is applicable to all open quotes and/or negotiations where an agreement is yet to have been concluded, and pricing extras, as published on our corporate web site, will continue to be fully applied.” From a midwest service center.
As many in the industry know, it is unusual for U.S. Steel to publically publish their price announcements preferring to communicate their intentions with their customers verbally.
This is the second price increase by U.S. Steel this year. Shortly after the AK Steel announced their price increase in late January, USS followed with a $50 price increase. At that time the target for hot rolled was reported to be $650 per ton. There are no specific base prices referenced with this particular announcement. We will continue to watch for signs of specific pricing direction in the days ahead as well as reaction from other domestic mills.
John Packard
Read more from John PackardLatest in Steel Products
Nucor selects Fives Group for new galv line at CSI
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.
AISI: Raw steel production levels off near six-month high
The volume of raw steel produced by US mills remained relatively flat last week, maintaining the rebound seen one week prior, according to the American Iron and Steel Institute (AISI). Previously at the second-highest rate of the year, production continues to hold at one the strongest levels recorded over the last six months.
Nucor keeps HRC price unchanged
Nucor has kept its weekly hot-rolled (HR) coil price flat this week, after a marginal cut the previous week.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
CRU tariff webinar replay now available
CRU’s latest webinar replay on how Trump’s tariffs affect the global steel market is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. You’ll find not only this special CRU webinar but also all past Community […]