Last week, SteelOrbis reported that US domestic HRC prices had firmed by $1.00 cwt. ($22/mt or $20/nt), to an approximate range of $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt), ex-mill.
Sources throughout the US were indicating that despite those higher price points, mills were “definitely wanting to get things above $30.00 cwt.,” adding that some mills had been putting out “trial balloons” at closer to $32.00 cwt. ($705/mt or $640/nt).
And while the average HRC spot market transaction range has remained stable week-over-week, sources have heard that a small handful of transactions had taken place “slightly above,” that range, with others reporting first-person knowledge of bookings that were transacted “$1.00-$2.00 cwt. ($11-$22/mt or $10-$20/nt) below the average range.
“I think it’s safe to say the market has peaked,” another source said. “Especially considering that scrap is expected to come down next month. If scrap falls again into March and April, I think we’ll see more corrections on the flat rolled side.”