Steel frenzy continuing, higher tags said sticking
Dec 13, 2010 | 11:36 AM
The third of three recent flat-rolled steel spot price increases appears to be taking hold and could ultimately lead to wider use of steel futures in the North American market, according to some market observers.
North American steel producers last week announced a $40-per-ton price increase, the third in about a three-week span, which market sources say now puts hot-rolled sheet spot market tags at about $680 per ton ($34 per hundredweight) and cold-rolled sheet at about $800 per ton ($40 per cwt).
Prices, thus, have jumped about $120 per ton, or more than 21 percent, since late November—climbing from about $560 per ton ($28 per cwt) for hot-rolled sheet—via three separate price hikes of about $40 per ton. The most recent of those came last week and was led by Nucor Corp., Charlotte, N.C. (AMM, Dec. 6) and was followed quickly by AK Steel Corp., West Chester, Ohio, and others.....
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