Have US HRC prices started to crack?

Friday, 10 August 2018 01:20:03 (GMT+3)   |   San Diego
       

US HRC prices have become increasingly flexible since our last report a week ago. Today, spot market prices have trended down by $0.50 cwt. ($11/mt or $10/nt) on the bottom end, and by $1.50 cwt. ($33/mt or $30/nt) on the top end, which brings the current average transaction range to $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt), ex-mill.

One source close to SteelOrbis, however, said his company recently received an offer from a domestic mill for $42.50 cwt. ($937/mt or $850/nt) ex-mill. “I don’t think that’s available to everyone but lead times are starting to get a bit shorter and the mills want to keep their order books full,” the source said.

Import pricing, however, has remained stable; import HRC in the domestic market from Korea, Turkey, Egypt and Germany is still being heard in the range of $37.50-$38.00 cwt. ($827-$838/mt or $750-$760/nt), DDP loaded truck in US Gulf coast ports.

The question as to how Donald Trump’s latest Section 232 announcement will impact Turkish pricing is unknown, since the US Department of Commerce has not yet responded to his announcement that he would be doubling tariffs against Turkish steel imports, from 25 percent to 50 percent.

License data from the US Department of Commerce show 22,619 mt of hot rolled coil import permits from Turkey in July.


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