The most commonly reported spot price transaction range for US domestic HRC has softened by approximately $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago bringing the current ex-Midwest mill transaction range to $21-$22 cwt. ($463-$485/mt or $420-$440/nt). Sources close to SteelOrbis say this is due to the US domestic market still facing pressure from cheaply priced imports.
Trader sources say the recently initiated trade case investigation has done little to scare off producers in Brazil, Korea and Turkey, and that mills in those countries are still offering imports anywhere from $1.00-$2.00 cwt. below domestics. According to sources, those mills seem to think they won’t be assessed any margins and will keep shipping until they have indication otherwise.