Spot prices within the US domestic hot rolled coil (HRC) market have narrowed by approximately $1.00 cwt. on the top end since our last report a week ago, bringing the new average spot market transaction range to $24-$25 cwt. ($529-$551/mt or $480-$500/nt), ex-Midwest mill, with many market players citing belief that prices have finally hit bottom.
US domestic scrap prices have trended down $10-$20/lt this month, depending on the grade and region, and it’s believed that these prices will now start to level. And in the absence of ongoing, soft raw materials cost, the US flats market is likely to start showing signs of stability.
In terms of imports, those prices have also ticked down a notch since our last report a week ago; offshore producers continue to push US buyers for orders, saying that by the time the material arrives at the docks, US prices will have inched higher. Trader sources, however, say interest in futures is trending weak.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| HRC | $24-$25 | $529-$551 | $480-$500 | down $1.00 cwt. on the top end |
| Turkey* | ||||
| HRC | $24-$25 | $529-$551 | $480-$500 | down $1.00 cwt. |
| Australia* | ||||
| HRC | $24-$25 | $529-$551 | $480-$500 | down $1.00 cwt. |
| Brazil* | ||||
| HRC | $24-$25 | $529-$551 | $480-$500 | down $1.00 cwt. |
| *DDP loaded truck US Gulf Coast ports | ||||