Earlier this week, several US domestic mills announced they would be raising prices on all flat rolled steel products, including hot rolled coil (HRC), by a minimum of $1.50 cwt. ($33/mt or $30/nt), ex-mill. The mills, however, did not announce their desired new minimum base pricing.
And while the most commonly heard spot price transaction range for US domestic hot rolled coil (HRC) continues to be heard at $30.50-$31.50 cwt. ($672-$694/mt or $610-$630/nt), ex-mill, unchanged in the past week, sources close to SteelOrbis say they believe that forecasted upticks in September scrap pricing, combined with fewer import arrivals as a result of temporary buyer hesitation related to the now-delayed Section 232 investigation, will set the stage for price firming.
In terms of current import pricing, trader sources say the most recently heard pricing for US import HRC in the US domestic market from Egypt and Serbia have been heard at $28-$30 cwt. ($617-$661/mt or $560-$600/nt), DDP loaded truck in US Gulf coast ports. However, sources say many countries are evaluating their offer pricing on a daily basis due to price volatility in the global market.