Integrated steelmaker US Steel today has joined two of its competitors with increasing its flat steel prices by $100/short ton (st).
The company came out with its own increase announcement late this morning, after electric arc furnace (EAF) steelmaker Nucor led the latest round and integrated competitor Cleveland-Cliffs followed shortly after. Both increased flat prices by $100/st and set a minimum target price for hot rolled coil (HRC) at $1,000/st.
US Steel did not set a minimum HRC price.
Many market participants have voiced concern around the price increases, with one calling the moves "ridiculous" and another commenting they were "ambitious."
The price announcements mirror the strategy used in last week's $50/st price increase.
