Spot prices within the US domestic hot rolled coil (HRC) market have experienced another downward correction since our last report a week ago, as the most commonly reported transaction range has dropped by $1.00 cwt. ($22/mt or $20/nt) on the low end bringing current range to $27.00-$29.00 cwt. ($595-$639/mt or $540-$580/nt) ex-Midwest mill.
“The wheels seem to have officially fallen off the cart,” according to one Midwest-based source, who believes the correction was a long time coming due to an “artificial gap” between US and world-market prices. Inventory levels are relatively decent, and all downward price trends considered, buyers say they are holding off making any stock purchases until they feel the market has bottomed out. In terms of imports, futures prices for Turkish HRC have also declined week-on-week, with trader sources saying Brazilian and Australian producers are indicating willingness to match the Turkish range.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| HRC | $27-$29 | $595-$639 | $540-$580 | down $1.00 cwt on the low end |
| Turkey* | ||||
| HRC | $26.50-$28.50 | $584-$628 | $530-$570 | down $1.00 cwt on the low end |
| Australia* | ||||
| HRC | $26.50-$28.50 | $584-$628 | $530-$570 | down $1.50 cwt |
| Brazil* | ||||
| HRC | $26.50-$28.50 | $584-$628 | $530-$570 | down $1.50 cwt |
| *DDP loaded truck US Gulf Coast ports | ||||