US Steel Corporation, one of the largest steel producers in the United States, has announced an increase in spot prices for flat products by $30 per short ton. Kallanish reports this with reference to the company’s data.
The increase came into effect on October 25 this year and applies to products manufactured at both US Steel and Big River Steel. The adjustments are applied to agreements under negotiation and initial proposals that have not yet been finalized. Additional fees and fuel surcharges remain in effect.
As of October 25, prices for hot-rolled flat products in the US were at $690-700 per short tonne, and for cold-rolled flat products at $960-1000 per tonne. Quotes remained unchanged from the previous week. At the same time, the market is likely to adjust this week amid rising prices from US Steel. Nucor and Cleveland-Cliffs may take similar actions.
In October, prices for hot-rolled steel in the US fell for the first time after a long gradual increase since July. Supply declined amid market uncertainty. Although demand is sufficient, consumers are not confident about the need to build up significant stocks for November-December.
As GMK Center reported earlier, in September 2024, the United States reduced imports of rolled steel by 8% compared to August this year, to 1.69 million tons. Total steel imports (rolled products and semi-finished products) decreased by 10.3% month-on-month to 2.13 million tons.
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