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We believe long product steelmakers will be announcing immediate base price increases of $20-25/ton, partially offsetting the $45/ton surcharge decline by roughly half, resulting in net transaction prices dropping by $20-25/ton, while we expect commodity plate prices to continue downwards given the continued high level of imports.

As evidenced by Steel Business Briefing’s domestic pricing assessment for sheet rising by 1.7% this week, the $40/ton spot price hike announced last week is starting to take hold as buyers begin to worry about potential labor disruption in the face of strong flat-rolled demand.

Our full report provides further thoughts about domestic and global steel prices as well as the implication for steel equities.

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