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More price hikes coming for American steel, analyst says

More price hikes coming for American steel, analyst says


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Published on 29th January 2018.


The rally in U.S. steel prices is far from over as more increases are on the way from producers, Bloomberg analyst Andrew Cosgrove says, citing a report from Steel Market Update that California Steel and UPI announced a new round of flat rolled price increases last night.


Cosgrove also expects eastern mills to come out with new pricing soon, which should drive U.S. hot rolled coil prices firmly above $700/ton (currently at $695); he says both mini and integrated mills were quoting buyers $710-$730/ton last week and deals were heard concluded at $720/ton.


The strong pricing environment likely will continue at least into Q2 as flat-rolled lead times have extended in the past two weeks to levels not seen since Q2 2017, the analyst says.


Relevant tickers include X, AKS, CMC, NUE, STLD, SLX Source: Bloomberg First Word Now read: Steel Dynamics Augmenting The Steel Up-Cycle With Its Own Excellence »


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