U.S. Steel, USS-POSCO Industries (UPI) and AK Steel each announced a $40 increase in flat rolled steel prices on Tuesday, July 21, hoping to reverse the slide that has cut about $120 per ton from steel prices since the coronavirus struck in mid-March.
U.S. Steel’s North American Flat-Rolled Sales Organization informed customers today that base pricing for all new flat-rolled spot orders is increased by a minimum of $40 per net ton, and pricing extras will continue to be fully applied as published.
USS-POSCO Industries (UPI) followed suit, raising its base prices for all hot rolled P&O, cold rolled and galvanized products by $40 per net ton.
Cleveland-Cliffs, Inc., parent company of AK Steel, announced that it also has increased spot market base prices for all carbon flat-rolled steel, including hot rolled, cold rolled and coated products, by a minimum of $40 per ton, effective immediately on new orders in North America.
The last flat rolled price hike by the major mills was exactly two months ago, on May 21, when they announced a similar $40 increase, which subsequently failed to stick.
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