Despite this week’s announcement from US flat rolled steelmaker Cleveland Cliffs indicating their intent to establish a new HRC spot market floor of $37.50 cwt. ($827/mt or $750/nt), FOB mill, US flat rolled steel prices continue to remain “squishy.”
This week, US HRC spot market prices are trending at approximately $33-$35 cwt. ($728-$772/mt or $660-$700/nt), FOB mill, whereas CRC prices are being heard at roughly $43-$45 cwt. ($948-$992/mt or $860-$900/nt), FOB mill. Both ranges are down by $1.00 cwt. ($22/mt or $20/nt) week-over-week.
HDG spot market prices are also down by that same margin and are now trending at $42-$44 cwt. ($926-$970/mt or $840-$880/nt), FOB mill.
Sources continue to report that while they believe the market is at or near the bottom, buyers continue to be reluctant to replenish their stocks amidst uncertain market conditions. Sources have also said they’re keeping close tabs on what happens with US scrap prices during next months’ buy cycle, as many believe that scrap prices will soften from September settled levels.