The most commonly heard spot price transaction range for US domestic hot rolled coil (HRC) has increased by $1.00 cwt. ($22/mt or $20/nt) on the bottom end, and by $0.50 cwt. ($11/mt or $10/nt) on the top end since our last report a week ago. This brings the current average spot market price transaction range to $28.00-$30.00 cwt. ($617-$661/mt or $560-$600/nt), ex-mill.
“The low-ball deals are fading fast,” one source said, adding that there is quite a bit of speculation that flats mills may soon announce a second price increase.
The US Senate Finance committee today is scheduled to be briefed on the Section 232 investigation. Based on recent statements by Trump administration officials, it’s believed that the US could move to limit, or significantly tax, steel imports into the US. Should that happen, it’s also believed that all US domestic steel product prices will increase.