Spot market prices for US domestic HRC, CRC and HDG coil have continued to rise since our last report a week ago.
This week, US HRC prices are trending at $32-$35 cwt. ($705-$772/mt or $640-$700/nt), FOB mill, against $31-$34 cwt. ($683-$750/mt or $620-$680/nt), FOB mill. CRC and HDG prices, however, have remained in their previous range of $42-$45 cwt. ($926-$992/mt or $840-$900/nt), FOB mill.
Sources continue to report that they’re wary about stocking inventory and making large buys out of concerns that this price uptrend may be short-lived. “I don’t think we’re going to see prices fall off a cliff again, but no one wants to rush out to buy a bunch of $35 cwt. hot rolled only to have the market dip back to $34 cwt. by the time it arrives,” a source said. “I think we’ll see some re-stocking but I think buyers are going to move cautiously.”