US flat-rolled steel prices moved up further Tuesday as mill order books were heard to be stretching out into late 2017, according to market feedback.
The daily Platts TSI US cold-rolled coil assessment was calculated at $805.25/st ex-works Indiana Tuesday, up $13/st on day.
Offers from US mills were heard to be in the range of $820-$840/st for CRC, depending on order size, however reported transactions remained below this level. Buy-side sources said there were some deals available late last week and into this week as mills were looking to fill out their order books, however those were expected to be less frequent going forward. A US mill reported booking less than 150 st at $780/st Monday.
A US service center source said it was unclear where domestic sheet prices may settle after US mills independently announced last week they would be increasing sheet prices, effective immediately, either through a $40/st increase, or through establishing minimum required pricing.
"We're still waiting to see how the market develops, in light of the announcements," he said.
He was able to book some hot-rolled coil orders at $600/st Friday, but said he doubted he would be able to book at that price Tuesday. One mini mill declined to quote any HRC after closing out November and said they would not be setting December pricing for at least a week, he said.
The daily Platts TSI US HRC assessment was calculated at $602.75/st EXW Indiana Tuesday, up $9.50 on day.
A US mill source said he was offering HRC around $620/st, however "not many transactions have been booked at this level."
He said the outlook for pricing is positive in the next 60-90 days and should strengthen in January, which is typically the busiest time of year for US mills.
"At this point I think all of the mills are out into November and moving on to December," he said. "I think in general the outlook is pretty good in the near term."
