Following the continued lack of demand and the failure of hot rolled coil (HRC) mills to maintain higher price levels, this week smaller and medium-sized traders in particular have decided to reduce prices in the hot rolled sheet (HRS) and cold rolled sheet (CRS) segments. In the meantime, larger traders are making an effort to maintain the high end of workable levels, while indicating that a decline is anticipated in the coming weeks if the outlook remains difficult for holding prices at current levels.
“Unfortunately, demand is still limited and therefore business is not very lively. I anticipate more declines in the current state of uncertainty,” a trader told SteelOrbis.
As a result, over the past week workable domestic hot rolled sheet prices have been reported at $660-680/mt ex-warehouse, down from $665-680/mt ex-warehouse.
Similarly, in the cold rolled sheet market, the majority of traders have reported price drops to $780-820/mt ex-warehouse, from $800-830/mt ex-warehouse.
Notwithstanding the decline observed this week, some traders have persisted in offering further discounts on both sheet types to draw in more customers. Their HRS offers are at about $650-655/mt ex-warehouse, while their CRS offers are at around $770/mt ex-warehouse.
