ArcelorMittal USA began advising their customers late this evening of their intention to raise flat rolled steel base prices. In an internal memo sent to the ArcelorMittal commercial team the mill advised, “All new opportunities for hot rolled, cold rolled and coated sheet products that require delivery in the 4th Quarter of 2017 should be specifically inquired for production availability before any formal or verbal acceptance of an order takes place.”
The mill then went on and advised that the following “minimum” base prices on sheet products are to be in effect “immediately”:
Hot Rolled = $625 per ton ($31.25/cwt)
Cold Rolled = $825 per ton (41.25/cwt)
Galvanized = $825 per ton ($41.25/cwt)
The pricing was to be applicable “…to all new orders and recent quotations that have not yet been accepted and/or acknowledged with an ArcelorMittal USA or AM/NS Calvert Order Acknowledgement.”
The memo stated that the mill has experienced a “significant increase in order entry for sheet products and, as a result, have limited production availability for the balance of the year at both our traditional and AM/NS Calvert facilities.”
Steel Market Update expects other mills to react to this announcement either later this week or early next week depending on the strength of their order books through the end of the calendar year.
John PackardRead more from John Packard
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