Steel Mills

Mills Raise Flat Rolled Prices by $40 Per Ton

October 11, 2018

On the heels of the price hike announced by Nucor yesterday, the other major sheet mills followed suit today raising spot prices on flat rolled steel products by $40 per net ton. Customers were notified of the increase by ArcelorMittal USA, U.S. Steel, California Steel Industries and USS-POSCO Industries.

California Steel Industries told customers it is increasing transaction prices by a minimum of $40 per ton on hot rolled, P&O, cold rolled and galvanized steel products. The prices are effective immediately on all orders unless a firm price has been previously quoted and confirmed, the company said.

U.S. Steel also notified customers it is increasing base pricing for all new spot orders of flat-rolled products by a minimum of $40 per net ton. The increase is applicable to all open quotations and/or negotiations where an agreement is yet to be concluded. Pricing extras, as published on the USS corporate website, will continue to be fully applied, the company said.

Likewise, USS-POSCO Industries raised the base price of hot rolled P&O, cold rolled and galvanized by $40 per net ton, effective immediately on unconfirmed orders, with no change to the published price book extras.

Sources tell Steel Market Update they have been informed by ArcelorMittal USA of a comparable $40 increase, though without an “official” letter.

Spot steel prices have been on a downward slide, declining by about $80 per ton since this summer. The last round of price increase announcements by the flat rolled mills dates back to the first quarter of this year.