Steel sheet tags up on scrap outlook, order rise

Nov 01, 2012 | 01:41 PM | Chris Prentice

Tags  steel sheet, steel prices, hot-rolled sheet, ferrous scrap, Chris Prentice

NEW YORK — Domestic steel sheet prices continue to inch higher as mills collect a portion of their announced $40-per-ton price hikes, with some market players forecasting that a second increase is just around the corner.

"Quotes are still on the rise," one Midwest service center source said, citing recent transactions for hot-rolled sheet at $30 per hundredweight ($600 per ton).

"I’m being asked $30.50 (per cwt) by most mills," a second Midwest service center source said, noting that purchasing activity has been on the rise as prices climb. "All our customers seem to believe we just hit a low. They’re trying now to jump on and take advantage of that."....

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