Three US steelmakers increase sheet prices

Steelmakers ArcelorMittal USA, NLMK USA and Nucor have increased their flat-rolled steel prices by $50/short ton.

NLMK USA was the only one to publish a minimum price, setting hot rolled coil (HRC) offers at $875/st.

The price increases late yesterday and this morning continue to drive a fourth round of price hikes by steelmakers after integrated steelmaker Cleveland-Cliffs raised flat prices by $50/st early on Thursday and set an HRC price of $850/st.

Since the end of November, the Argus US Midwest HRC ex-works assessment has risen by 25pc to $781/st on 31 January, an increase of $154/st.

Service center sources have been mixed on the announcements, with some hopeful they will continue to drive an upward cycle that began in late-2022, while others are concerned steel mills are overheating the market and that service center inventories risk becoming overvalued.

By Rye Druzin