US steelmakers Nucor and Cleveland-Cliffs increased their flat rolled steel prices by $50/short ton (st) and set a hot rolled coil (HRC) price minimum of $900/st.
The announcements have added to skepticism in the market from some buyers, with one noting doubts around extended lead times that appear to be helping to fuel the latest price push.
Nucor and Cliffs raised prices by $50/st on 2-3 February and both have increased prices five times since late-November for a total of $260/st. All other US flat rolled steelmakers have joined in during the previous price increases.
The Argus US HRC Midwest ex-works spot assessment has increased by more than $170/st over that span.
Transactions drove the Argus US HRC Midwest last week up by $18.75/st to $800/st, while the southern assessment rose by $25/st to $800/st.
