US domestic flat steel prices have declined again, as tepid order activity, short lead times, and “less than desirable” production capacity continue to put pressure on the market.
US domestic HRC prices are now in the range of $31-$33 cwt. ($683-$728/mt or $620-$660/nt) FOB mill, compared to $33-$36 cwt. ($728-$794/mt or $660-$720/nt), FOB mill last week. US CRC spot prices are down to $43-$46 cwt. ($948-$1,014/mt or $860-$920/nt) FOB mill, against $46-$48 cwt. ($1,014-$1,058/mt or $920-$960/nt), FOB mill last week.
Sources tell SteelOrbis that prices are unlikely to stabilize in the near-term, as early predictions are pointing to another scrap downtrend in December. Combined with a traditionally slow holiday season for the market, some sources think its only a matter of time before HRC prices breach the $30 cwt. () FOB level.