Spot market prices for US domestic flat rolled steel have continued to climb since our report last week ago, with sources saying that prices appear to be climbing daily. For example, earlier this week, SteelOrbis learned that HRC prices had jumped from $40-$42 cwt. ($882-$926/mt or $800-$840/nt) ex-mill to $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill.
As of this morning, spot market prices for HRC were trending at $43-$45 cwt. ($948-$992/mt or $860-$900/nt) ex-mill, and climbing. “We think deals at the low end of that range will be gone by next week,” a source said.
US domestic CRC prices have been on a similar trajectory. On Dec. 4, SteelOrbis reported that ex-mill pricing was being heard at $48-$49 cwt. ($1,058-$1,080/mt or $960-$980/nt) ex-mill, but by Monday, prices had firmed by $1.00 cwt. ($22/mt or $20/nt). Today, CRC spot market prices are trending at $50-$52 cwt. ($1,102-$1,146/mt or $1,000-$1,040/nt) ex-mill. One source close to SteelOrbis said that his company received a spot price bid that was “significantly above that pricing.”
“Availability is still a problem and supply hasn’t caught up with demand,” another source added. “Until that happens, mills can essential name their price for spot tons.”