U.S. Steel, ArcelorMittal Join in $40 Price Hike

Likewise, ArcelorMittal USA added $40 to the base price for its hot rolled, cold rolled and coated products, “applicable to all new orders or recent quotations that have not yet been accepted by ArcelorMittal or AM/NS Calvert.”

The move by U.S. Steel and ArcelorMittal follows similar announcements yesterday by Nucor and USS-POSCO Industries (UPI).

On Tuesday, NLMK USA released minimum base prices of $560 per ton for hot rolled, $700 per ton for cold rolled and $700 per ton for coated steels, effectively following suit.

The market has been waiting for the mills to raise prices, the question was when and by how much. The mills’ last attempt at a price increase was four months ago, in late February, when they also sought a $40 bump. It failed to gain any support in the marketplace and prices continued to slide. All total, the benchmark price of hot rolled steel has declined by more than 40 percent since peaking last July. Whether this latest effort to reverse the downtrend proves more successful should be apparent in the next few weeks.