Steel Products
ArcelorMittal Raises Flat Rolled Price by $40
Written by Tim Triplett
October 24, 2019
Speculation that steel prices were near the bottom and the mills were contemplating a price increase has proven out as ArcelorMittal became the first to hike flat rolled prices today by $40 per ton. Other mills are expected to follow.
ArcelorMittal informed its commercial team today that it is raising base prices on light flat rolled sheet products, including hot rolled, cold rolled and coated products, by a minimum of $40 per ton, effective immediately. The increase is applicable to all new orders and recent quotations that have not yet been accepted by ArcelorMittal or AM/NS Calvert.
The last time ArcelorMittal raised flat rolled prices was July 22. Since then the benchmark market price for spot orders of hot rolled steel has declined by nearly 50 percent, from $915 per ton to the current $480.
SMU sources estimate the increase will put ArcelorMittal’s base price for HR around $26/cwt.
{loadposition reserved_message}
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Domestic mill shipments rise in June: AISI
US steel shipments increased month over month and year over year in June, according to the latest figures from the American Iron and Steel Institute (AISI).
Active rig counts slipped in US, Canada
Drilling activity slowed in the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
OCTG producers in Canada take aim at Mexico, US, others
Evraz NA and Welded Tube of Canada have lodged an unfair trade complaint against imports of OCTG, including those from USMCA trading partners Mexico and the US.
Final Thoughts
The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.
CRU: US rebar and wire rod prices rise alongside S232 increase
CRU Senior Steel Analyst Alexandra Anderson discusses current market and pricing dynamics for long steel products in the US.