The most commonly heard spot price transaction range for US domestic hot rolled coil (HRC) has firmed by $1.50 cwt. ($33/mt or $30/nt) since our last report a week ago. This brings the current average spot market price transaction range to $29.50-$31.50 cwt. ($650-$694/mt or $590-$630/nt), ex-mill.
Deals up to $2.00 cwt. ($44/mt or $40/nt) below this range, which were available as recently as the beginning of this month, are “long gone,” sources said.
In fact, many believe a second price increase is imminent. “Some of us thought mills would put something out as soon as this week, in advance of the [Section] 232 announcement,” a source said. “But just because the increase didn’t come this week doesn’t mean it’s not around the corner.”