The most commonly heard spot price transaction range for
US domestic hot rolled coil (
HRC) may be stable week-over-week, at $31.00-$32.50 cwt. ($683-$717/mt or $620-$650/nt), ex-Midwest mill, but sources close to SteelOrbis strongly believe that spot market prices are about to resume an uptrend.
US domestic scrap prices surged during the March buy cycle, sources note, adding that the renewed demand in the energy pipe sector remains strong.
Not surprisingly, Nucor Sheet Mill Group,
US Steel, AMUSA and NMLK USA this week announced they would be raising all
US HRC spot market prices by a minimum of $1.50 cwt. ($33/mt or $30/nt), effective with all new orders. If absorbed, this would put
US HRC spot market prices at $32.50-$34.00 cwt. ($717-$750/mt or $650-$680/nt), ex-mill.
“The widespread expectation is that the increase is going to stick,” a source said. “Order activity is robust, lead times are trending out and there’s no immediate signs that the momentum will fall off.”