Sheet prices up as mill hikes gain traction

Oct 11, 2013 | 01:22 PM | Catherine Ngai

Tags  steel, sheet, Midwest sheet prices, NLMK USA, ArcelorMittal, hot-rolled, cold-rolled, Catherine Ngai

RIO DE JANEIRO — Midwest steel sheet prices saw an uptick in the past week, with sources reporting that mills have been disciplined in holding the line, although buying activity remained at low levels over hesitancy on where the market would settle in the coming weeks.

"Mills are trying to act with discipline to collect their $680 (per ton) number," one Great Lakes buyer said. "The mills are sticking with their poker face, and this bodes well for momentum through year-end."

U.S. steelmakers—led by Portage, Ind.-based NLMK USA and Chicago-based ArcelorMittal USA LLC—initiated a fresh round of steel sheet price increases recently, setting hot-rolled coil at between $33.50 and $34 per hundredweight ($670 to $680 per ton) and cold-rolled coil and coated sheet at $38.50 to $40.50 per cwt ($770 to $810 per ton).....

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