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North American steelmakers Nucor and ArcelorMittal Dofasco have joined others in raising sheet prices.
Electric arc furnace (EAF) steelmaker Nucor, one of the largest, increased its price yesterday by $60/short ton (st) on new orders.
Market participants had been waiting for Nucor to announce its own price increase after Cleveland-Cliffs and US Steel increased prices earlier in the week.
Nucor also this week dropped its plate prices by $140/st to $1,480/st. The drop came as plate pricing remains at a significant premium to hot-rolled coil (HRC) prices, which generally track much closer to plate.
Integrated steelmaker ArcelorMittal Dofasco increased prices yesterday by C$80/st ($59.60/st).
Neither listed what minimum prices they are targeting.
The two companies followed $60/st increases by Cliffs and US Steel. Canadian integrated steelmaker Stelco raised prices by C$80/st on 29 November.
While it remains to be seen if the increases will be accepted, more steel buyers see the moves helping to set a price floor.
The Argus US HRC Mdiwest ex-works assessment was assessed at $628/st, flat from the last week and down by 60pc since the beginning of the year.
argusmedia
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