United States Steel (USS) announced, Monday, a base price increase on all new flat–rolled steel orders. The $25 per ton increase ($1.25/cwt) was to be “…applicable to all open quotations and/or negotiations where an agreement is not yet concluded….” All published pricing extras were to be applied to any new orders. The announcement comes as benchmark hot rolled prices were slowly drifting lower.
Dropping 0.2 percent, the US HRC futures contract spot price was the biggest mover on Tuesday, July 1, closing at $652.00 per short ton. The US HRC futures contract 3-month price showed little movement yesterday, hovering around $635.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.39) and a low price of CNY 830.00 ($133.77) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($544.77) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($224.03) per metric ton.
The steel billet cash price was unchanged on the LME at $395.00 per metric ton. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.