US steel market shows signs of a turnaround

US steel buyers resisted recent mill price increases, during most of August. Flat product basis values bottomed out in the middle of the month. Steelmakers’ hikes started to gain traction towards the end of August, with hot rolled coil prices reaching approximately US$480 per short ton ex-mill. Producers will continue to attempt to lift basis values in September, with the aim of establishing a price floor of US$500 per short ton.

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