US domestic HRC prices still “wishy-washy”

It wasn’t all that long ago that players within the US domestic market were solid in their belief that US hot rolled coil (HRC) prices wouldn’t dip below $32.00 cwt. ($705/mt-$640/nt) unless you were “a very big customer with a lot of tons on the table.” But now, sources close to SteelOrbis have indicated that not only are deals below that price point available in the South, but deals upward of $2.00 cwt. ($44/mt or $40/nt) off are now available to the largest players in the North.  At the same time, this is not to say those price points area available to the “average Joe” buyer transactions continue to take place in the approximate range of $32.00-$33.00 cwt. ($705-$727/mt or $640-$660/nt), ex-Midwest mill, with the smallest buyers still transacting orders at the higher part of that range.  However, if US domestic scrap prices dip by another $20/lt for November buys, as some speculate it will, the most commonly reported spot price transaction range may begin to erode.