US HRC holds stable after last week’s dip

Prices within the US domestic hot rolled coil (HRC) market have held steady since out last report a week ago, although some have started to wonder if this month’s drop in US domestic scrap prices will start to change that.  “Mills have their game face on but my sense is they’re a little hungrier for orders than they’re letting on,” according to one Midwest-based source.  On the other hand, order activities and inquiries for HRC have lead times trending at four to six weeks, and other industry insiders have expressed confidence that prices will maintain a sideways trend. For now, the most commonly reported spot price transaction range has held neutral, at $32.00-$33.00 cwt. ($705-$727/mt or $640-$660/nt), ex-Midwest mill.  Futures offers have also remained steady in the past seven days, with that market circling at status quo.