Economy

NLMK USA, ArcelorMittal Dofasco Also Push to Raise Prices
Written by Laura Miller
December 1, 2022
More North American steel producers are joining in the attempt to increase prices for steel sheet products.
NLMK USA said in a Dec. 1 letter to customers that “due to increased order placement and extending lead times,” its base prices will increase by a minimum of $60 per ton ($3 per cwt) for spot orders.
Canada’s ArcelorMittal Dofasco also said in a Nov. 30 letter to its commercial team that it will be raising spot market base prices by a minimum of CAD$80 per ton (US$60 per ton) on all new orders of hot-rolled, cold-rolled, and coated products.
“We will continue to monitor the marketplace and will respond accordingly with competitively priced product,” ArcelorMittal’s letter states.
The price hike attempts follow similar increases announced this week by other steelmakers including Cleveland-Cliffs, US Steel, Stelco, and Nucor.
Steel Market Update’s hot-rolled coil price registered an average of $625 per ton this week. That’s $10 per ton higher than last week and down $60 per ton from early November.
By Laura Miller, Laura@SteelMarketUpdate.com

Laura Miller
Read more from Laura MillerLatest in Economy

ISM: Manufacturing growth slows in July, hits 10-month low
US manufacturing activity slowed again in July to a 10-month low

CRU: Pushing EU imports back to 15% would be a big task
Several EU member states have published a ‘non-paper’ that puts forward proposals for a post-safeguard trade measure.

SMU Community Chat: Tariff-induced panic purchases, inflation, and calculating costs
Chief executive of the Institute for Supply Management (ISM), Tom Derry highlighted how reactive buying behavior has shifted the market into a quiet demand period. Derry presented ISM data during the weekly SMU community chat.

Architecture billings still sluggish despite project inquiry uptick
The Architecture Billings Index (ABI), a leading indicator for non-residential construction activity, declined for an eighth straight month in June.

Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”