Last week, US flat rolled steel mills announced yet another round of sweeping price increases, and while most of the flats mills are quoting $35.00 cwt. ($772/mt or $700/nt) on new HRC offers, multiple sources close to new order have indicated the “true” range is closer to $32-$34 cwt. ($705-$750/mt or $640-$680/nt), ex-mill.
This week’s range reflects a $1.00 cwt. ($22/mt or $20/nt) increase from last week’s price range of $31-$33 cwt. ($683-$728/mt or $620-$660/nt), ex-mill
“The mills want to get prices up but the reality check is that prices aren’t there yet,” a source said, adding that sellers who are holding lower-priced inventory would likely still be willing to sell below $32 cwt. ($705/mt or $640/nt).
Trader sources are also reporting that the current US sales price for import HRC coil from Turkey and Korea in the US domestic market is trending in the same range as US domestic mill offers, at $32-$34 cwt. ($705-$750/mt or $640-$680/nt), DDP loaded truck in US Gulf coast ports.
Interest in booking import remains high, sources say, as it’s expected that US flats mills will put out another price increase in early February.