US HRC market prices firm slightly for smaller-sized transactions

Spot prices within the US domestic hot rolled coil (HRC) market have firmed slightly on the top end of the most commonly reported transaction range since our last report a week ago, although sources close to SteelOrbis continue to report that those who are looking to book the largest-sized tonnages can still get deals toward the bottom.

The new average transaction range is up $0.50 ($11/mt or $10/nt) on the top end, week-on-week, which brings the current average transaction range to $19.50-$21.00 cwt. ($430-$463/mt or $390-$420/nt), ex-Midwest mill, although the bulk of spot market transactions are “taking place somewhere in the middle,” sources say.

As with last week, the US domestic HRC market continues to suffer from the absence of orders from US domestic pipe mills, who have seen steep declines in inquiries and order activity due to a weakness in global oil prices.