US flat rolled steel prices have climbed once again, and sources close to SteelOrbis say they believe that $70 cwt. ($1,543/mt or $1,400/nt) FOB mill HRC prices are “just around the corner.”
Prices for both HRC and CRC have bumped up by $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago, with HRC now trending at $68-$69 cwt. ($1,499-$1,521/mt or $1,360-$1,380/nt), FOB mill. CRC prices are now being heard at $78-$79 cwt. ($1,720-$1,742/mt or $1,560-$1,580/nt), FOB mill.
Both hot and cold rolled coil prices are up by roughly $4 cwt. ($88/mt or $80/nt) since late March, when HRC was heard at $64-$66 cwt. ($1,411-$1,455/mt or $1,280-$1,320/nt) FOB mill, and CRC was trending at $74-$76 ($1,631-$1,676/mt or $1,480-$1,520/nt) FOB mill.
The reason for still-climbing prices remains unchanged: long lead times, extreme demand, and production that can’t keep up with the needs of the market.
“If scrap goes up again next month, which a lot of us believe will be the case, we expect to see additional increases passed through in May,” a source said.