Flat-rolled steel quotes inch higher

Oct 24, 2012 | 05:52 PM | Chris Prentice

Tags  SteelBenchmarker, flat-rolled steel, hot-rolled sheet, cold-rolled sheet, coated steel products, U.S. steel market, steel prices, Chris Prentice

NEW YORK — Domestic quotes for flat-rolled steel are on the rise as U.S. mills try to pass along at least a portion of the $40-per-ton hikes that were announced to customers last Tuesday and Wednesday, market sources said.

Most buyers said they are holding off on placing orders at the new levels, having booked large tonnages in advance of the official increases, but those that are buying said prices are finally off the $28-per-cwt ($560-per-ton) lows reported in recent weeks.

"The general indications are that it’s got a good chance for sticking," one large national distributor source said of the announced increases, noting that an expected rise in scrap prices in November will help buoy the steel market.....

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