More US flat-rolled steel mills announced $30/st increases on Friday but did not establish minimum base prices, which left market sources unsure where new quotes would land.
A service center source said that prior to the mills' announced increase earlier in the week, he was quoted $390/st for a small hot-rolled coil order but suspected by this point the mill would definitely requote him $10-$20/st higher. "What's my gut [feeling]... I think some of it is going to stick," he said.
A mill source said it was still "very early in the price process of discussing new spot prices with customer." However, he added the announcements "certainly help cement collecting higher prices moving forward.
With market players seeing scrap prices move up as they are this month, and maybe again next month, the questions behind the rationale for an increase are fewer."
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