Sources close to SteelOrbis are reporting that mills’ recent attempt at raising spot market prices for domestic HRC, CRC, and HDG coil “have come and gone without much fanfare.”
Earlier this month, US Steel, Nucor, AM Calvert, and Cleveland Cliffs all announced plans to raise US HRC prices effective with all new orders. Yet despite mills’ attempts to stop prices from falling, spot market prices have remained soft.
Current HRC prices are still being heard at approximately $39-$42 cwt. ($860-$926/mt or $780-$840/nt) FOB mill, against $43-$46 cwt. ($948-$1,014/mt or $860-$920/nt), FOB mill, whereas cold rolled and Galvanized prices are still trending at approximately $48-$52 cwt. ($1,058-$1,146/mt or $960-$1,040/nt) FOB mill, for both products.
Deals below these ranges have been heard for all three products based on tonnage.
Sources have also said they’ll be keeping close tabs on where scrap prices settle in July. The most up-to-date expectation is that busheling scrap could trend down by $20-$30/gt due to downward pressure from pig iron prices. If prime scrap does indeed fall again in July, sheet prices could trend down further.
Additional market clarity is expected after the conclusion of the July 4 holiday.