NEW YORK ArcelorMittal USA Inc. and AK Steel Corp. have followed Nucor Corp.s leading move to increase published prices for flat-rolled products.
Chicago-based ArcelorMittal USA has raised prices for hot-rolled, cold-rolled and coated sheet products by $20 per ton, effective immediately with all new inquiries and orders, sales representatives said in notices to customers Friday.
Separately, West Chester, Ohio-based AK Steel Corp. announced Friday afternoon that it had increased current spot market base prices for all carbon flat-rolled steel products by $30 per ton, also effective immediately with new orders.
Charlotte, N.C.-based Nucor a day earlier said it would increase base prices for all new orders of hot-rolled, cold-rolled and galvanized sheet products by $20 per ton (amm.com, Dec. 6).
"We think this is a defensive move to keep the price from sliding," one service center source in the Midwest told AMM.
Sources previously said that mills were likely to boost their published prices for a third time during the fourth quarter. Two earlier rounds in mid-October (amm.com, Oct. 16) and November (amm.com, Nov. 6) helped prices tick up, but that momentum has since started to wane.
"Weve seen the decrease this week," one manufacturer said.
Hot-rolled sheet tags slid this past week to $32 per hundredweight ($640 per ton) from about $32.25 per cwt ($645 per ton) previously.
"I think its a move to firm up the last increase, especially since scrap went down on the East Coast and stayed level in the Midwest," a second distributor said.
Ferrous scrap prices settled flat in the Midwest for December (amm.com, Dec. 5), and container scrap export tags remain under pressure on the East Coast (amm.com, Dec. 7).