US hot rolled coil prices have firmed slightly in the past seven days, from an average of $21-$23 cwt. ($463-$507/mt or $420-$460/nt), to approximately $22-$23 cwt. ($485-$507/mt or $440-$460/nt), ex-mill.
US CRC prices, however, have fared slightly better, and have moved from $30-$32 cwt. ($661-$683/mt or $620-$640/nt), ex-mill, to $31-$33 cwt. ($683-$728/mt or $620-$660/nt), ex-mill.
Lead times for HRC continue to trend between 3-4 weeks, whereas CRC lead times remain at 5-7 weeks.
“It’s all just more of the same,” a source said. “A lot of us had suspected that flats mills would push out a price increase this week, based on better-than-expected scrap prices this month, but the increase never materialized. For now, we’re all just still trucking along and waiting for demand to improve.”
Another source agrees that US flat rolled steel demand “is still depressed,” adding that based on this week’s snapshot of the market, it’s believed that HRC prices may only firm nominally between now and Q4. “Based on today's fundamentals we think that prices could come up by $0.50 cwt., unless there’s a major shift or change within the market.”