Spot prices within the US domestic hot rolled coil (HRC) market have ticked down by yet another $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago, bringing current US spot market prices in line with import offers. Sources close to SteelOrbis say the most common range now lies at $25.00-$27.00 cwt. ($551-$595/mt or $500-$540/nt) ex-Midwest mill and in some cases US mills are quoting below imports in order to book orders.
Lead times are trending between two and three weeks, and although there has been some activity within the marketplace many describe it as being scant, at best. “The million dollar question is when this thing will hit bottom,” said one Midwest-based source. On the other hand, with cheap iron ore prices and a down-trending forecast for the US domestic scrap market, others point out that while no one likes to see prices falling, mills are still able to make money due to the low cost of raw materials.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| HRC | $25-$27 | $551-$595 | $500-$540 | down $1.00 cwt |
| Turkey* | ||||
| HRC | $25-$27 | $551-$595 | $500-$540 | neutral |
| Australia* | ||||
| HRC | $25-$27 | $551-$595 | $500-$540 | neutral |
| Brazil* | ||||
| HRC | $25-$27 | $551-$595 | $500-$540 | neutral |
| *DDP loaded truck US Gulf Coast ports | ||||