Nucor Corp., the largest U.S. steel producer, has raised prices of steel products for the fifth time since the end of October 2019. Did the same for the other regional producers, including ArcelorMittal Luxembourg and the Russian NLMK.
the Value of new orders of hot rolled, cold rolled and galvanized sheet will increase by at least USD 40 per tonne, entering into force immediately, Nucor said in a letter to customers on Wednesday. ArcelorMittal, NLMK and raised prices on some products in the United States by the same amount, while NLMK reported to customers that the increase was "due to the increase of the delivery time and ordering".
the Index of U.S. hot-rolled steel in the Midwest were up 19% compared to a three-year low in November. The growth of demand for steel also contributed to the decline in mortgage interest rates, which made the construction of new homes more affordable, said Monday the General Director of Commercial Metals Co. Barbara Smith.
Jefferies LLC Analysts, including Martin Englert and Alan Spence, said that the price increase Nucor is "positive for sentiment in the steel sector".
it is Expected that the price of scrap metal this month will rise higher than in December.
According to David Owen, economist at IHS, Markit, long-term trade deal between the US and China announced in December also makes long-term prospects for the steel industry more bright.
ArcelorMittal on Wednesday told customers that prices on all new orders for flat steel products will grow by at least $ 40 per ton, while the price increase takes effect immediately.
NLMK stated that the basic price of all products will be immediately increased by at least $ 40 per ton for all new spot orders.
the last time prices for metal in the United States grew so quickly after President Donald trump in March 2018 imposed tariffs on imported steel.
