Flat-rolled steel quotes inch up in steady mart

Apr 10, 2012 | 02:40 PM | Corinna Petry

Tags  hot-rolled sheet, cold-rolled sheet, coated steel, steel prices, mill lead times, Corinna Petry

CHICAGO — Flat-rolled steel producers’ latest round of price hike announcements is slowly gaining traction, with a growing number of service centers reporting buying at $700 per ton ($35 per hundredweight) this week upon returning to their suppliers to place orders.

"That’s how customers buy steel: They ignore the first increase and sit on their hands until the second one comes, and that gets them off their duffs. The price is around $700," an eastern Great Lakes distributor told AMM.

A Mississippi Valley buyer agreed, noting firmer spot quotes across the board this week. "$700 is today’s quote. You don’t have to bother to call. You know what it’s going to be," he said.....

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