US steel mills fail to get USD 40 price hike for flat products - 25 Aug, 2008
Platts reported that the flat rolled price hike run by US steel producers appears to have come to an abrupt end.
As per report, following ArcelorMittal USA's move earlier, major and non major mills are pulling back their announced price increases for September 2008 deliveries. Lead times for hot rolled and cold rolled coil are said to be at two to three weeks. Some mills are privately saying their September order books are only one third or one half full.
Several buyers are now reporting that US Steel has backed off by USD 20 to USD 40 per short ton and that the producer is now offering HRC at USD 1,060 to USD 1,080 per short ton ex-works, depending on tonnage.
An ArcelorMittal USA spokesperson said that "We enjoy excellent relationships with our customers. We will continue to engage in constructive dialogue with each of them on pricing given present market conditions."
Meanwhile, there are still reports of other deals down around USD 1,020 to USD 1,040 per short ton ex works from non major suppliers.
