Platts reported that ArcelorMittal USA rescinded a previously announced USD 40 per short ton base price increase for September hot rolled coil in response to a decrease in scrap surcharges by rival US producers for the same period.
As per report, ArcelorMittal's latest move left its HRC base spot price between USD 1,050 per short ton to USD 1,060 per short ton EXW Indiana.
Other major producers had announced September price hikes of USD 40 per short ton to reach USD 1,100 per short ton to USD 1,120 per short ton in mid July. Nucor opened its September spot-market order book in late July also up by USD 40, but from a higher starting level for HRC, to USD 1,160 per short ton EXW. Some Nucor mills were said to have lowered HRC base prices for September spot orders to USD 1,130 per short ton in mid August as the market weakened.
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