The most commonly heard spot price transaction range for US domestic hot rolled coil (HRC) may be unchanged in the past week, at approximately $29.50-$30.50 cwt. ($650-$672/mt or $590-$610/nt), ex-Midwest mill, but some SteelOrbis sources say they “would not be at all surprised if there were some quiet deals happening at $29 cwt, if not slightly below.”
US HRC prices have been on a slow, downward drift in the past few weeks and it’s suspected that the current spot market transaction range could see some additional price erosion before they finally reach bottom. “Order books are a little lighter than they have been and the mills have been more willing to negotiate with their customers on those larger-sized orders,” another source added.
Whether the current price trend will continue into September remains to be seen; it’s believed that US domestic flats mills may announce a price increase after Labor Day.