The uptrend in the US domestic flat rolled steel market has continued since our last report a week ago, as HRC, CRC, and HDG coil prices have risen once again.
As of today, US HRC prices are trending at approximately $53.50-$55.50 cwt. ($1,179-$1,224/mt or $1,070-$1,110/nt), FOB mill, against $49.50-$51.50 cwt. ($1,091-$1,135/mt or $990-$1,030/nt), FOB mill, a week ago. US HRC prices are up by more than 57% since late-November of last year.
US domestic CRC and HDG prices are also up week-over-week. Cold rolled coil spot market prices are now trending at $63-$64 cwt. ($1,389-$1,411/mt or $1,260-$1,280/nt), FOB mill, against $58-$60 cwt. ($1,279-$1,323/mt or $1,160-$1,200/nt), FOB mill, a week ago.
HDG spot market prices are also up week-over-week, and are now being heard at roughly $64-$65 cwt. ($1,411-$1,433/mt or $1,280-$1,300/nt), FOB mill, against $60-$62 cwt, ($1,323-$1,367/mt or $1,200-$1,240/nt), FOB mill, a week ago.
Sources say they’re keeping close tabs on news that US Steel has restarted an idled blast furnace at its Indiana-based Gary Works steel mill.
Last week, some projected that “it’s only a matter of time before one of the mills breaks rank and increase their production, and once someone starts to tug on that string, the market could start to fall apart right quick.”
Although the impact of US Steel’s restarted blast furnace has yet to be known, sources continue to report concerns about holding too much inventory at the current pricing levels.