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Algoma Steel Inc. aims to raise sheet and plate prices by $40 per ton ($2/cwt) effectively immediately for new spot orders.
The price hike applies equally to hot-rolled coil, cold-rolled coil, as-rolled plate and heat-treated plate, the Canadian flat-rolled steelmaker said in letters to customers on Friday, March 5.
JSW Steel USA will resume melting and slab casting at its electric-arc furnace (EAF) sheet mill in Mingo Junction, Ohio, the week of March 7, the company’s top executive said.
The steelmaker has also decided to begin the process of restarting its pipe mill in Baytown, Texas, JSW Steel USA CEO Mark Bush told Steel Market Update on Friday, March 5.
Foreign hot rolled steel imports continue to tempt U.S. buyers as domestic prices soar, offering potential discounts of 10% or more, according to Steel Market Update's latest foreign versus domestic hot rolled steel price comparison. Foreign HRC prices are theoretically $154-$323 per ton cheaper than domestic steel prices at this time. Recall that domestic mills held record-high price advantages back in August 2020, when foreign steel prices were between $176 and $220 per ton more expensive than domestic steel. This domestic advantage quickly faded in November/December as U.S. prices skyrocketed.
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). This is only a "theoretical" calculation as freight costs, trader margin and other costs can fluctuate, ultimately influencing the true market spread. This compares the SMU U.S. hot rolled weekly index to CRU hot rolled weekly indices for Germany, Italy and Far East Asian ports.
With negotiations still ongoing this week, it appears ferrous scrap prices will see a big jump in March, as was widely expected. Steel Market Update sources reported that scrap pricing announced in Detroit today was up $70 per ton on prime grades and up $50 per ton on obsoletes. Other regions of the country are likely to follow suit. Higher scrap prices lend support to higher finished steel prices.