Pricing for steel sheet in the US is reported to be steady this week in the immediate aftermath of attemped price increases by Nucor and Cleveland-Cliffs. Sources assert to Kallanish that next week’s price assessment will demonstrate whether the market is accepting the announced hikes. 

Prices for hot rolled coil remain in a range of $630-650/short ton, whilst cold rolled coil prices are unchanged at $990-1,000/st.

A midwestern distributor expects prices to increase in the coming weeks after the announced mill hikes on HRC (see Kallanish 30 July).

“The $700s may be the go-to number next week. Sales are steady this week and inquiries have gone up. I don’t see sales going up much until after the election” in November, that distributor contends. 

Service centres still will be reluctant to stock up for inventory, the same source says. 

“Nobody wants speculative tons on their floors! Banks do not want to fund it and chief financial officers say ‘absolutely not,’” the distributor explains.

One coil consumer says that even though the market is unstable, the mills may hold firm on higher prices. Therefore, the market will have to accept the increases.

“Business is bad, but if all the mills are around $700, that’s the new price,” the coil consumer says.

A mill source confirms that the price increase signals a bottom for sheets.

“Our order book has remained steady. The inventory available for spot and increases in materials costs support the increase,” the source says. 

Prices of hot and colled rolled coils in the equivalent week of 2023 ranged from $820-850/st and $1,070-1,110/st, respectively.

All prices are ex-works domestic mill.