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Integrated steelmaker US Steel has increased its hot-rolled coil (HRC) prices to $900/short ton (st).
The move is a $50-100/st increase over where the mill had raised prices to a week prior, according to multiple sources.
US Steel's cold-rolled coil (CRC) pricing was increased to $1,150/st.
The move was expected by the market after the current United Auto Workers (UAW) strike against Ford, General Motors (GM) and Stellantis ends. The UAW and Ford reached a tentative agreement last night that is subject to membership approval. UAW workers are returning to work at Ford, while they remain on strike at GM and Stellantis.
The prices US Steel is targeting are above current Argus steel assessments, with Midwest and southern HRC ex-works spot prices at $800/st and CRC and hot-dipped galvanized (HDG) coil at $1,000/st. Those prices both rose sharply last week as steelmakers were able to lock in higher prices on long lead times.
HRC Midwest lead times are at eight weeks into mid-December, with CRC and HDG coil lead times at 10.5 weeks, into January. Lead times have pushed out in recent weeks as mills booked large amounts of tons at lower prices as some service centers worked to rebuild their low inventories. argusmedia
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