Argus' weekly US Hot Rolled Coil (HRC) price estimate is up $ 35 to $ 1,645 per tonne, with strong demand continuing to drive price increases, the agency noted.
"While trading volume was muted by the Memorial Day holiday, prices continued to rise in the previous week as demand remained strong," Argus said.
The spread between bushel scrap supplied to mills in the US Midwest and HRC selling prices rose 3.2% to $ 1,142.77 per tonne. The spread is more than five times higher than a year ago, when it was $ 224.71 per tonne.
US cold rolled coil prices rose by an average of $ 27 to $ 1,822 per tonne, galvanized steel prices soared by $ 43.50 to $ 1,831 per tonne.
Lead times have increased to 10 weeks, and the delivery time for galvanized steel has increased to 12 weeks.
Import prices for hot rolled steel in Houston rose by $ 14.25 to $ 1,486.75 per tonne.