Bits 'N Pieces

Steel Market Update was speaking with a trader on the West Coast about the USS/POSCO $150 per ton ($7.50/cwt) price increase announcement made late last week. The expectation is for California Steel Industries (CSI) to open their order books early this week.

The trader shared a story about the steel market that existed in 2004 in order to put the USS/POSCO $150 per ton number into perspective, “I remember in 2004 going back east to meet a customer and explain I was raising my price by $16.00/cwt.  Customer countered that price increase should be no more than  $14.00.  We both had to laugh out loud on that request.  Fun times. Price did go up the $16.00 [$320 per ton].”