Rolled Steel Prices Continue to Rise – Recent Flooding Causing Delivery Delays
European hot rolled and cold rolled prices continue to rise. The American Metal Market is reporting that some European mills have already booked hot roll coil orders at $1,187 to $1,234 per metric ton ($53.85/cwt to $55.97/cwt) and cold roll coil at $1,311 per metric ton ($59.47/cwt). These prices are in line with the July and August prices asked by the U.S. mills.
Floods are closing a 216 mile section of the Mississippi to barge traffic due to the flooding in the Midwest. The shut-down is expected to affect barge traffic for up to two weeks. This will affect some domestic mill shipments as well as imported steel shipments coming out of New Orleans and Houston ports.