Sheet steel price increases US mills announced last week served to set a floor, according to sources, who said Friday that buyers are still reluctant to place large orders.
"We're seeing it from our service center customers. They're sensing the prices are going to fall. If they were giving you 500-1,000 st orders at a time, now it's like 100 or 200" st, a mill source said.
There is a lot of "angst" in the market that prices have risen this high, he said.
Before the increases, hot-rolled coil prices might have been a little more negotiable, but nobody has cut prices dramatically or even begun discounting extras, he added.
"If you had a stated price and two to three weeks ago that was a little firm. Now you can negotiate a little on HRC," the source said, adding that some smaller buyers are able to book at $620-$625/st.
The price increase announcements made by four mills served to establish a pricing floor, the mill source said. ArcelorMittal USA set minimum base pricing for HRC at $630/st and cold-rolled coil at $830/st.
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