-The supply community has decided that $700/ ton is where they would like to see current spot transactions settle on HRB. 

-The mid-March price increases were announced with intention of stopping price erosion.  Buyers quickly justified the timing, if not the magnitude of the increases, and seemed willing to concede at least a temporary backstop of $660 to $680 on spot HRB pricing.

-Sensing a faint shift in pricing momentum to their side, suppliers have set their sights on true margin improvement.

-Here is where the battle will be fought.  Attempts at prices over $ 680 are being questioned.  Panic buys ahead of an impending bull run for HRB prices have not materialized. 

-Can another spate of price announcements be far away to ensure that the mills at least secure their initial $20-30 increase?  History and supply pricing orthodoxy would argue that the next round of letters will be hitting your inboxes in the coming days/weeks.