US sheet prices remained flat last week, as the market appears to be taking a breather during the second-quarter earnings announcement season, Kallanish hears from market sources.

Kallanish held its hot-rolled price Monday at $920-940/short ton. Cold-rolled was likewise steady at $1,000-1,030/st. All prices are ex-works, domestic mill.

"I'm not sensing any price movement higher at this point in time," says a source at one top-tier mill. "I think things are more stable than inching up, but maybe there is more of that taking place than meets the eye."

A buy-side source says mill sources are deferring to the 232 regarding price discussions, especially while the situation with Mexico and Canada remains unresolved. The Trump administration has strongly hinted over the past week that a new North American Free Trade Agreement is coming along, particularly concerning Mexico.

"No mill rep is suggesting increases," he says. "They fall back on the 232. Tell me what the result of the 232 will be, and I'll give you my opinion [on pricing]. In a nutshell, nobody has a clue."