The most commonly reported spot price transaction range for US domestic HRC has held lateral since our last report a week ago, at $31-$32 cwt. ($683-$705/mt or $620-$640/nt), ex-Midwest mill. Although several SteelOrbis sources said they’d heard that mills had been testing the waters for a possible price increase, by quoting prices higher than current transaction ranges, it’s believed that this month’s drop in domestic scrap prices will make any further increase announcements a tough sell.
“Prices have been going up due to degreased supply based on all the trade cases,” one source said. “This has in no way been demand based. Hot rolled is definitely the most sluggish out of the flats market.”
Others agree, adding that if mills do try to push for another price increase it will be “symbolic only. If they do announce something it will be more about solidifying current prices as opposed to actually pushing the needle higher.”