Though we detailed one month ago that the upside risks to flat
products prices were likely to be limited this year, given a
projected slowdown in underlying consumption and a starting
point, from 2016, of uncharacteristically elevated and
profitable pricing, mills seem increasingly determined to
protect their fortunes. Indeed after two consecutive weekly
declines in AMM’s strip-mill price assessments for
the US domestic market, Nucor was quick to announce a new
target to raise prices by $30/ton.
Nucor has seen the margin or spread...