Steel Products Prices North America

Mills Raise Flat Rolled Prices Another $50
Written by Tim Triplett
October 1, 2020
Following on the heels of plate price increases earlier this week, the mills have announced another $50 increase on flat rolled.
On Wednesday, Nucor’s Sheet Mill Group notified customers that it is increasing base prices on new orders of hot rolled, cold rolled and galvanized products by a minimum of $50 per ton, effective immediately.
Likewise, on Thursday, USS-POSCO Industries (UPI) raised base prices for all of its sheet products, including hot rolled P&O, cold rolled and galvanized, by a minimum of $50 per ton.
Sources tell Steel Market Update that ArcelorMittal USA has informed customers of new minimum base prices of $650 per ton for hot rolled, and $850 per ton for cold rolled and coated products, effective immediately.
Flat rolled mills have raised prices several times since May when the market began to recover from the coronavirus shutdowns. This week’s check of the market by SMU puts the current average price for hot rolled at $605 per ton, well above levels in early March prior to the COVID pandemic and up about $165 or nearly 38 percent from the low of $440 per ton in the second week of August.
Readers polled by SMU earlier this week are divided over the staying power of steel prices. “I believe the mills are poised to strike again. I believe the steel market will continue to gain strength in the fourth quarter and roll into 2021,” said one executive. “This is a short-term rising price cycle. The underlying excess supply situation is being masked by maintenance outages, the NLMK strike and additional quota restrictions on Brazil. These issues will dissipate in early Q1-2021 followed by new HR capacity, which will turn the market downward,” commented another.

Tim Triplett
Read more from Tim TriplettLatest in Steel Products Prices North America

SMU Price Ranges: Sheet and plate steady ahead of Independence Day
Sheet and plate prices were little changed in the shortened week ahead of Independence Day, according to SMU’s latest check of the market.

Nucor maintains plate prices, opens August order book
Nucor aims to keep plate prices flat again with the opening of its August order book.

Nucor CSP remains level at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil this week, following two consecutive increases.

Cliffs raises prices, seeks $950/ton for July spot HR
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.

HRC vs. prime scrap spread widens in June
The price spread between HRC and prime scrap widened in June.