At least some US sheet buyers believe the market needs a settling period before mills push for higher base prices, Kallanish understands. 

A Midwest buyer says his mills are telling him to “...buckle up,” for another increase. Rumours of a third sheet increase have been making the rounds in the market, but as of Monday morning no mill had formally announced. 

“Their lead times don’t support that,” the buyer says of a third increase. “From our vantage point, most mills are hoping to hit a level that promotes speculative purchases, and it’s still too early for that to happen.”

He adds that index buys remain the area of strongest activity, and he believes increases are more of a threat than most mills will admit. 

“Imports are lurking in the shadows, just waiting to pounce on the next increases,” he says. 

Kallanish held its hot-rolled assessment Monday at $500-540/short ton, with cold-rolled likewise remaining at $700-740/st. All prices are ex-works, domestic mill.