US Steel Corp. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt).
The move is effective immediately, the company said in a press release on Monday, Nov. 28, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America. This includes all USS, USS-UPI, and Big River Steel facilities.
The Pittsburgh-based steelmaker last announced a price increase on Sept. 14, 2020, when it raised tags by at least $60 per ton. At that time, hot-rolled coil prices were $580 per ton and at the beginning of a historic run that saw tags ride a 56-week price rally, nearly reaching the $2,000-per-ton mark.
SMU’s HRC price now stands at $615 per ton, down $15 per ton from the previous week. marking the lowest price for HRC since late September 2020.
US Steel is the second mill to announce a price increase this week, as Cleveland-Cliffs also announced a $60-per-ton price increase on all flat-rolled products on Monday.
By David Schollaert, David@SteelMarketUpdate.com
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