Integrated steelmaker US Steel has raised its hot rolled coil (HRC) steel prices in the US by $60/short ton (st), following the lead of one of its competitors.
US Steel is targeting base pricing of $680-700/st for hot rolled coil (HRC), and around $950/st for cold rolled coil (CRC) and hot dipped galvanized (HDG) coil products, multiple sources confirmed. That is about $60/st above current Argus pricingon HRC, and imply even greater gains above current CRC and HDG levels.
The currentArgus US HRC Midwest ex-works assessment is at $628/st, while the CRC assessment is at $850/st and HDG is $849/st.
The latest round of price hikes was in August and they failed to achieve their goals of increasing prices. Since late August, when the last price announcements were made, Midwest HRC prices have fallen by 20pc to $628/st on 22 November.
The price increase applies to orders from US Steel's integrated steel mills, its USS-UPI mill in California, and its electric arc furnace (EAF) minimill Big River Steel in Arkansas. The company on Monday said it has filled its order book through the rest of 2022.
Integrated competitor Cleveland-Cliffs increased prices by $60/st yesterday, the first announced price increase in the market since late-August.
