Scrap expected to increase in January by $20/ton. #1 Busheling is at $275 as of December 13.
Mill lead-times pushing into end of January and early February.
On December 13, Mittal announced a $40/ton price increase. On December 16, Nucor announced an increase of $40/ton, placing hot-roll coil base at $640/ton.
We hear that service centers are pushing “end-of-year” deals to move old inventory. We expect those to dry up soon.
Customers expect a strong start to the New Year. There is uncertainty about how long demand will hold.