Even in the midst of the summer doldrums, US domestic flat rolled spot prices are inching higher on a week-on-week basis. As previously mentioned, mills have been quoting hot rolled coil (HRC) as high as $35.00 cwt. ($772/mt or $700/nt) ex-Midwest and cold rolled coil (CRC) at approximately $39.00 cwt. ($860/mt or $780/nt) ex-mill. Few buyers have had to pay asking prices, however, which reflect the full $4.00 cwt. ($88/mt or $80/nt) in announced increases from flats mills in July, if not more. For now, HRC spot prices are still between $32.50-$33.50 cwt. ($716-$739/mt or $650-$670/nt) ex-mill, but activity is now largely taking place on the higher end of the range.
Despite the market's upward trend, buyers are still not willing to purchase for inventory stocks yet, and are currently awaiting the domestic scrap trend for September--prices are expected to increase again, but by a smaller amount than the $70-$80/lt in the Midwest in August. Meanwhile, Mexico is following increases in the US market by raising its prices for HRC and CRC delivered into Houston by $1.00-$1.50 cwt. ($22-$33/mt or $20-$30/nt). Russian offers are also growing increasingly prevalent, with HRC prices in the range of $30.00-$31.00 cwt. ($661-$683/mt or $600-$620/nt) DDP loaded truck in US Gulf ports for December delivery.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| HRC | $32.50-$33.50 | $716-$739 | $650-$670 | neutral |
| CRC | $37.00-$38.00 | $816-$838 | $740-$760 | neutral |
| China* | ||||
| CRC | $35.50-$36.50 | $783-$805 | $710-$730 | neutral |
| Mexico** | ||||
| HRC | $31.50-$32.50 | $694-$716 | $630-$650 | ↑ $1.50 cwt. |
| CRC | $35.00-$36.00 | $772-$794 | $700-$720 | ↑ $1.00 cwt. |
| Russia* | ||||
| HRC | $30.00-$31.00 | $661-$683 | $600-$620 | neutral |
**DDP loaded truck delivered into Houston