The ongoing downturn in hot rolled coil (HRC) prices and the negative outlook in the scrap market have continued to weigh on the flat steel spot market, forcing traders to reduce prices this week. Moreover, traders have concerns about the coming weeks since stocks have stayed high because of a lack of demand and the uncertainties surrounding the upcoming elections, which may result in some financial changes.
Over the past week, domestic hot rolled sheet prices have decreased by $10/mt to $830-870/mt ex-warehouse. However, some traders are targeting unworkable levels of $880-930/mt ex-warehouse, while other traders have made extra reductions and are seeking to sell at around $830-840/mt ex-warehouse.
“The very quiet period and high swings in spot prices caused by certain traders trying to revive business activity with aggressive offers are driving prices way down,” one trader told SteelOrbis
Likewise, cold rolled sheet pricing has continued to fall this week, with most traders quoting prices at around $920-950/mt ex-warehouse, down $20-30/mt over the past week. In contrast, some traders are selling at rather aggressive levels of $870-900/mt ex-warehouse.
