Entering the first full work week following the Christmas and New year holiday break, a number of domestic steelmakers announced a fresh round of price increases.
Nucor led this fifth round of hikes, raising prices by at least $40 per short ton ($2 per hundredweight), to put domestic mills' increases at a cumulative $190 per ton since late October.
ArcelorMittal had initiated the first round of price increases on October 24, when Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at more than three-and-a-half-year low of $23.15 per cwt ($463 per ton).
If that price was the starting point, it means that domestic mills should be seeking at least $653 per ton currently.
While sources indicated that rising scrap prices lend support to the latest round of sheet price increases, most agreed that this is being counterbalanced by still-weak demand....