US Steel has implemented a $50 per short ton (st) increase in flat-rolled steel prices due to a declining spot market. This is the first time a major US steelmaker has raised prices since mid-March. There is no specified minimum price set by US Steel.
The current price of US hot-rolled coil (HRC) has fallen by 27% since its peak in March, reaching a four-month low of $880/st this week.
Additionally, raw material prices have been facing pressure, with June's prime ferrous scrap prices in the Midwest dropping by $60 per gross ton (gt) and by $50 per gt in the southeast, influenced by smaller mill buying programs that have impacted scrap pricing.
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