The most commonly reported spot price transaction range for US domestic hot rolled coil has remained mostly steady since our last report a week ago, at approximately $20.50-$21.50 cwt. ($452-$474/mt or $410-$430/nt), ex-Midwest, although sources close to SteelOrbis say they think there is a “better than average chance” that spot prices will continue to firm in the upcoming weeks.
“None of us expect the upticks will be substantial,” one Midwest-based source said, citing weak activity from US domestic energy pipe mills. “This definitely won’t be demand-based. If anything it will be due to lack of competition from imports.”
Last week, the US Department of Commerce (US DOC) announced its preliminary dumping margins in the AD investigation of imports of hot rolled steel from Australia, Brazil, Japan, South Korea, the Netherlands, Turkey, and the United Kingdom. The lowest preliminary margins were assessed against Korean steelmakers, at 3.97-5.65 percent while mills in the UK received the highest preliminary margins, at 49.5 percent.