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    May 10, 2020

    Another Round of Steel Price Increases Coming?

    Written by John Packard

    If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per ton ($2.50/cwt-$3.00/cwt) with two mills opting to provide specific base prices: ArcelorMittal with hot rolled at $500 and cold rolled/coated at $700 per ton, and NLMK USA $20 higher at $520 and $720 per ton (note: the NLMK Portage mill is not taking any orders for June due to planned maintenance).

    It is not unusual for the domestic mills to “cement” in the first round of price increases by announcing further bumps in the minimum base price. Whether the new round will be to take prices above $520 per ton, or to achieve and firm the $500 per ton number, will only be known as steel buyers react to any new price announcements.

    John Packard

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