But at the same time, market participants were still seeing much lower bids, citing the rising costs of steel products as a major problem this year.
“[This uptrend is] creating big pressure on the automotive and packaging sectors, which are currently negotiating their new yearly contracts, [and] suppliers from Europe, Japan and China are all asking for drastic price increases [because of] the current tight supply,” a source at a mill said.
Fastmarkets’ price assessment for steel hot-rolled coil, import, cfr main ports South America
, was up by $35-70 per tonne to $640-690 per tonne on Friday, from $605-620 per tonne a week before.
A similar jump had not been seen since March 2018. At $665 per tonne, the midpoint...