Last week, SteelOrbis reported that US HRC prices were trending in the range of $26-$28 cwt. ($573-$617/mt or $520-$540/nt), ex-mill, with US CRC prices being heard at $35-$37 cwt. ($772-$816/mt or $700-$740/nt), ex-mill, with deals up to $1.00 cwt. ($22/mt or $20/nt) being available for certain buyers.
This week, prices have become increasingly flexible. HRC transaction ranges are now being heard at $24-$26 cwt. ($529-$573/mt or $480-$520/nt), ex-mill, although some sources have reported getting offers for as low as $22 cwt. ($485/mt or $440/nt). CRC prices are equally soft and are now trending between $33-$36 cwt. ($728-$794/mt or $660-$720/nt), ex-mill.
Today, another source reported being offered base price galvalume coil at $30 cwt. ($661/mt or $600/mt) ex-mill, although that price was based on significant volume. It’s not believed that $30 cwt. HDG coil is widely available within the market; earlier this week, SteelOrbis reported that base price HDG coil was being offered at $35 cwt. ($772/mt or $700/nt) ex-mill.
“Do I think I could go back to the mill with an order for lesser tons and get that price? Probably,” one source said. “The mills need orders.”
Another source shared a similar sentiment, noting that the market price is “all over the place,” and that prices are extremely flexible for all flat rolled steel products.
Another source said that while the market is “mostly a mess,” now might be a good time to consider taking some inventory positions. “As of today, and all of today’s predictions could go out the window in a week depending on the progression of the virus, we think the market will bottom out in May or June. If that’s true, it could be a good time to buy, before market prices resume an uptrend.”