Today ArcelorMittal USA announced new minimum base price levels for orders of hot rolled, cold rolled and coated products. This is the 4th flat rolled steel price announcement since late October.
The announcement takes base prices to the following minimum levels:
Hot Rolled = $600 per ton ($30.00/cwt)
Cold Rolled = $820 per ton ($41.00/cwt)
Galvanized = $820 per ton ($41.00/cwt)
Galvalume = $820 per ton ($41.00/cwt)
The mill advised their customers, “These prices are applicable to all new orders and recent quotations that have not been accepted and acknowledged with an ArcelorMittal or AM/NS Calvert Order Acknowledgement. We reserve the right to change any outstanding quotations or pending orders without further notice.”
Prices on benchmark hot rolled bottomed at $470 per ton ($23.50/cwt) in late October 2016 according to the SMU HR Index. If the new base numbers are collected (and they were expected by the vast majority of steel buyers) it represents a total move of $130 per ton over the past six weeks.
SMU expectation is for the other mills to follow with increases of their own in the next few days.
John PackardRead more from John Packard
Latest in Steel Products Prices North America
Galvanized Sheet’s Premium Over Hot Rolled Hovering Around $200/Ton
The spread between hot-rolled coil (HRC) and galvanized sheet base prices has been hovering near $200 per net ton since late July, according to SMU’s latest analysis.
Plate Report: Quiet Turning to Sluggish?
The US plate market has been rather quiet over the past couple of weeks since Nucor Corp. caught many off guard with a $140-per-ton price cut.
SSAB’s Jeff Moskaluk on Wind’s Flurry of Opportunity for Steel
SMU discussed wind energy, a promising end-use market for steel, with SSAB Americas’ SVP and CCO Jeff Moskaluk.
SMU Survey: Mills Less Willing To Talk Price on Sheet, Plate More So
Steel buyers said mills are less willing to budge on spot pricing for sheet products, but plate bucked this trend, according to SMU’s most recent survey data.
AM/NS Calvert, Stelco Follow Major Sheet Mills Higher
ArcelorMittal and Stelco joined last week’s move by domestic mills to push sheet prices higher.