Steel Products Prices North America
March 25, 2014
Steel Buyers Upset Over Early Move by Price Index
Written by John Packard
Usually the news about price increase announcements is regarding the ability of the steel mills to collect all, or a portion, of the announced flat rolled price increases. With the latest announcements made last week led by ArcelorMittal on Monday and then followed by the rest of the industry as the week progressed, the question has become at what point did actual transaction prices begin moving higher? According to Platts Steel Markets Daily, flat rolled prices began moving prior to the end of this past week and have continued to move higher this week. Platts now has their Hot Rolled Coil index at $655 per ton as of Monday of this week.
Steel buyers, who have contacted Steel Market Update on the subject, are questioning the timing and motives behind the quick move higher by Platts. What makes the movement by Platts of much more interest this year than last, is due to a number of mills moving to Platts for the basis of their 2014 contract adjustments.
