Prices within the US domestic hot rolled coil (HRC) markets have held steady since our last report a week ago, at approximately $23.00-$24.00 cwt. ($507-$529/mt or $460-$480/nt) ex-Midwest mill, and some SteelOrbis sources say the feel like they can "finally start breathing again." The downward pricing spiral has slowed in recent weeks; many believe that while there may be a few more minor tweaks to market prices, "the bloodletting seems to have stopped."
Offshore offers are also mostly steady in the past seven days, although Brazilian mills have adjusted their offer prices in hopes of attracting orders. Trader sources, though, say that unless there is a definitive advantage to buying offshore due to proximity to a US port, "no one is really looking to hedge buy offshore when US lead times are so short."
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week |
US domestic | ||||
Ex-Midwest mill | ||||
$23-$24 | $507-$529 | $460-$480 | neutral with rumors of deals | |
Turkey* | ||||
$23-$24 | $507-$529 | $460-$480 | neutral with rumors of deals | |
Australia* | ||||
$23-$24 | $507-$529 | $460-$480 | neutral with rumors of deals | |
Brazil* | ||||
$22-$23 | $485-$507 | $440-$460 | down $1.00 cwt. | |
*DDP loaded truck US Gulf Coast ports | ||||