The runaway price train within the domestic flat rolled steel market still has steam, sources note, adding that prices have moved up, yet again, in the past seven days.
Sources have confirmed that week’s HRC prices are being heard at $54-$59 cwt. ($1,191-$1,301/mt or $1,080-$1,180/nt), FOB mill. US CRC spot market prices are now being heard at $61-$65 cwt. ($1,345-$1,433/mt or $1,220-$1,300/nt), FOB mill. Lead times for HRC are trending at 8-9 weeks. Lead times for CRC are being heard at approximately 9-10 weeks.
“Buyers continue to fear that if they don’t buy overpriced steel today, they’re going to pay even more for their tons tomorrow,” a source said. “Prices are all over the map, and in some cases, people are paying over $60 cwt. ($1,323/mt or $1,200/nt) for hot rolled, which is nothing short of insane. I have never in my life seen hot rolled coil priced this high.”
The question as to when the market will peak, and begin to correct, has yet to be answered.