US domestic HRC market gets slow start after Labor Day

Although many believed US domestic flats mills would try to push prices higher after the three-day holiday weekend, the much-anticipated increase announcement is nowhere to be found.  “The market simply doesn’t support it,” according to one Midwest service center source, noting that order activity is lacking robustness.   “At this point, a failed increase would be worse than mills not trying for one.”   The market, for the most part, is holding at “blah” according to other sources, who say things seem to be rolling along steadily but at less than exciting levels.  For the most part, US domestic hot rolled coil (HRC) spot prices have held steady since our last report a week ago, still at $33.00-$34.00 cwt. ($727-$750/mt or $660-$680/nt) ex-Midwest mill, although deals slightly below that range are available to buyers who are looking to book larger orders. Offshore prices have also remained neutral, although it’s rumored that Brazilian producers are hungry for US orders and are actively trying to fill their order books.