Adds price increase by AK Steel, updates Argus spot price
Integrated steelmakers US Steel and AK Steel increased flat-rolled steel prices by $40/short ton (st) today.
The price increases are the first since 21 May. Steel companies regularly announce price increases without revealing their target minimum price. The Argus weekly domestic US HRC index price for the week ending 21 July is $463.50/st, down by 7pc since the May price increase. The domestic US cold-rolled coil (CRC) assessment was flat compared to May at $640/st, while the hot-dipped galvanized (HDG) coil assessment has increased less than a percent to $635/st.
The price increase applies to hot-rolled coil (HRC), cold-rolled coil (CRC), and hot-dipped galvanized (HDG) products.
Integrated steelmaker ArcelorMittal last week had an unexpected outage at its Burns Harbor blast furnace D in Indiana. The company estimated it had enough capacity with its Burns Harbor blast furnace C and two other blast furnaces at Indiana Harbor and Cleveland to meet demand.
The outage could help bring supply more in line with demand, which has remained below expectations. Many still report demand at levels 20pc or more below pre-Covid-19 levels.
