US domestic HRC prices forge ahead

The most commonly reported spot price transaction range for US domestic hot rolled coil (HRC) has seemed to level out since our last report a week ago, with the current most commonly reported range holding at $32.00-$33.50 cwt. ($705-$739/mt or $640-$670/nt) ex-Midwest mill.  “The market seems to have settled,” according to SteelOrbis sources, noting that “business in general is pretty good.”   There is also a slightly more positive outlook within the US domestic scrap market, as some feel there’s a chance July buys could settle up between $10-$20/lt in some regions of the country (although the most common consensus seems to have the market mostly sideways, with +/- $10/lt based on the region of the country and grade of scrap).  But now, things seem to be holding steady.  In terms of futures offers from Russia and Mexico, they too have held steady week-on-week, with trader sources saying they are still wary of booking tons from Russia due to the ongoing political volatility in that region of the world.