Steel Mills Announce Another $40 Increase for Flat Rolled

While it seems counterintuitive given the difficult market conditions and weak demand due to the coronavirus, domestic steelmakers have raised flat rolled prices for the second time this month. U.S. Steel, USS-POSCO Industries (UPI) and NLMK USA informed customers today that prices for spot orders of hot rolled, cold rolled and coated products have increased by $40 per ton ($2.00/cwt), effective immediately on nonconfirmed orders. Pricing extras continue to apply as published. ArcelorMittal USA announced a minimum base price of $540 per ton for hot rolled and $740 per ton for cold rolled and coated. The latest increases follow on price hikes ranging from $40 to $60 per ton on April 30/May 1.

Steel Market Update checks of the market put the current benchmark price for hot rolled at $480 per ton, up from $460 at the end of April, but well below the $580 in mid-March before the coronavirus shutdowns.