Spot prices for hot rolled coils (HRC) and cold rolled coils (CRC) have generally remained the same since our previous report, with offers for HRC still being seen in the approximate range of $34.00 cwt. to $35.00 cwt. ($750/mt to $772/mt or $680/nt to $700/nt) ex-Midwest mills; and CRC still being offered for around $39.00 cwt. to $40.00 cwt. ($860/mt to $882/mt or $780/nt to $800/nt) ex-Midwest mills. However, the average spot price buyers are paying have moved toward the upper range for both HRC and CRC.
Meanwhile, many several service centers over the past week have contemplated transitioning from "wait and see" to "buy it while it's hot," and some have having scantily increased their ordering as a means of beating the increase announcements that are ever looming. Overall, though, mostly everyone else is sitting and waiting, as the mills, service centers, and end users are all in anxious anticipation, waiting for the scrap market, aka, the top of the steel food chain, to let them know how much their costs will be increasing. Some mills are even making light of the situation, with one of the major players having recently sent out a blanket email to its customers recommending they "fasten their seatbelts."
Looking overseas, imports continue to remain fairly quiet, although there have been indications that Russia is offering some HRC in at approximately $35.00 cwt. to $36.00 cwt. ($771/mt to $794/mt or $700/nt to $720/nt), FOB loaded truck US Gulf port, but considering Russian HRC comes with a delivery date of August and beyond, interest has been weak.
Mexican HRC also continues to maintain availability, and has trended sideways alongside US pricing since our last report, with offers continuing to be seen in the approximate range of $34.00 cwt. to $35.00 cwt. ($750/mt to $772/mt or $680/nt to $700/nt) delivered to the Border States.