Spot market prices within the US domestic hot rolled coil (HRC) market continue to wobble, sources note, although many believe that if the recent price correction trend has not fully settled, it will settle in the very near future.
Although the most commonly reported spot price transaction range is still holding in the approximate range of $31.00-$31.25 cwt. ($683-$689/mt or $625-$630/nt), ex-Midwest mill, it’s been heard that there are “some quiet deals happening at the $30 level.”
“There still isn’t a whole lot of competition from imports and a lot of people are waiting to see what happens when the final determinations in the HRC trade case come out on August 5,” one source said. “The US steel industry seems to be turning into a protected market, which is exactly what the domestic mills wanted.”