US turns the tide as import flood drains away

摘要

Many of the world’s markets were interrupted by May Day and LaborDay last week but there was still time for the US flats market to start aturnaround as, after weeks of conjecture, it appears the bottom wasfinally reached. Spot prices of hot rolled coil gained $5/short ton week-on-weekfollowing ArcelorMittal’s initial $20/st hike of its offering level. Nucor,AK Steel and NLMK all increased prices as mills sought to firm amarket that had shed almost a quarter of its value since the start ofthe year, ending last week at $445-455/st ex-works Indiana.