NMLK USA today announced they’ve set their new hot rolled coil minimum base price at $60 cwt. ($1,323/mt or $1,200/nt), FOB mill, which reflects a $5.00 cwt. ($110/mt or $100/nt) jump from the new minimum HRC base pricing established by Cleveland-Cliffs on Monday of this week.
Last week, Cliffs and Nucor set new minimum HRC pricing at $45 cwt. ($992/mt or $900/nt), FOB mill.
Flat rolled steel prices, including HRC prices, have been rising steadily since the last week of November. On Monday of this week, HRC spot market prices had been trending at approximately $40-$42 cwt. ($882-$926/mt or $800-$840/nt), FOB mill, which reflected an approximate $10 cwt. ($220/mt or $200/nt) increase from levels reported on November 28.
(Transactions up to $4 cwt. ($88/mt or $80/nt) above that range, for small-tonnage orders, had been heard throughout the marketplace.)
HRC prices have continued to firm since the early part of the week, and as of today, the most commonly heard spot market price transaction range is trending at $45-$47 cwt. ($992-$1,036/mt or $900-$940/nt), FOB mill. Prices for small-tonnage transactions are believed to be taking place up to $2.00 cwt. ($44/mt or $40/nt) above that range.
Whether HRC prices will officially rise to $60 cwt. ($1,323/mt or $1,200/nt), FOB mill, has yet to be determined.