Price revisions within the US domestic HRC market have once again shifted downward in the past seven days, from $24.00-$25.00 cwt. ($529-$551/mt or $480-$500/nt), ex-mill, to $23.00-$24.00 cwt. ($507-$529/mt or $460-$480/nt), ex-mill, but some question whether yesterday’s price increase announcement will put an end to HRC’s slide.
As of time of publication, ArcelorMittal USA, NLMK and US Steel have announced they will be raising prices on all flat rolled steel products, including US HRC, CRC and HDG coil, by a minimum of $2.00 cwt. ($44/mt or $40/nt), effective with all new orders.
The question as to whether such an increase will be successful, in light of tepid demand and oversupply, has yet to be answered. If scrap does not trend upward next month, sources say, acceptance of this increase “will be wishful thinking, at best.”
This week’s prices are a steep revision from the first week of the year, when US HRC prices were trending at $37-$38 cwt. ($816-$838/mt or $740-$760/nt) ex-mill.