The most commonly heard spot market price for US domestic HRC has remained stable week-over-week in the range of $28-$29 cwt. ($617-$639/mt or $560-$580/nt) ex-mill, although as with last week, deals are available based on volume.
And while sources had previously expressed concern that HRC prices could fall further in March should US scrap prices soften further, market sentiment has changed. This week, scrap market sources say they believe that scrap is now poised to firm during next month’s buy cycle. US HRC lead times also appear to be extending outward.
“Today we learned that HRC lead times at one mill are now extended out into May,” a source said. “Last week, lead times were hovering for shipment during the first week of April. Between this and what may happen with scrap, this could be setting the stage for another attempted price increase.”