Cold-rolled coil and coated sheet prices in the United States were steady this past week because market participants had yet to feel the full effect of $40-per-ton hikes announced from Monday January 28.
Producers - including Nucor Corp, ArcelorMittal USA, and U.S. Steel Corp - raised prices for CRC and coated products by a minimum of $40 per ton earlier this past week, but buyers weren't immediately paying the full increase partly because many were not buying steel in the immediate aftermath of the hikes. "We hope there is a rebound on the pricing, but just because they announce does not mean the market suddenly turns the other way," one distributor said on January 31. "There has to be some legitimate strength at the mill level for this to stick."Market participants saw prices on both CRC and coated steel at anywhere from $38-42 per hundredweight, prior to the increase, although prices at $38 per cwt were rare. Most offers were heard at $40-41 per cwt. Some participants did not have fresh mill offers post-increase, because...