Final Thoughts
November 8, 2019
Final Thoughts
Written by John Packard
The domestic steel mills announced new $40 per ton ($2.00/cwt) price increases on flat rolled this past week. This is the second price increase on flat rolled over the past two months. The domestic mills, led by ArcelorMittal USA, announced $40 per ton spot base price increases on Oct. 24-25 and were able to collect some of that increase prior to the latest move.
The domestic flat rolled mills have tried to pump up spot prices on a few occasions over this calendar year. In January, the mills went out during the last week of the month with $40 per ton, and then followed it up four weeks later with another $40. These increases only caught hold for a short period of time before prices began moving lower again (dead cat bounce).
