Spot pricing within the US domestic (HRC) market has once again “slowed its roll,” as last week’s average transaction range has held at $22.00-$24.00 cwt. ($485-$529/mt or $440-$480/nt) ex-Midwest mill. Sources say activity is still pretty decent, but the biggest challenge still relates to market oversaturation. “People are starting to buy a little more,” according to one source close to SteelOrbis, “but this is more about them filling up some gaps in their inventory as opposed to true upticks in demand.” Price increase-announcement rumors continue to permeate the market, and many suspect it’s just a matter of time before something is put to paper.
In terms of offshore prices, they have also remained sideways; but few, if any are taking a gamble on futures. US domestic lead times are still relatively short, which has removed the advantage of booking comparatively-prices futures.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| HRC | $22-$24 | $485-$529 | $440-$480 | neutral |
| Turkey* | ||||
| HRC | $22-$24 | $485-$529 | $440-$480 | neutral |
| Australia* | ||||
| HRC | $22-$24 | $485-$529 | $440-$480 | neutral |
| Brazil* | ||||
| HRC | $22-$23 | $485-$507 | $440-$460 | mostly neutral with rumors of deals |
| *DDP loaded truck US Gulf Coast ports | ||||