US HRC market shows additional signs of weakness

Friday, 27 September 2019 20:59:22 (GMT+3)   |   San Diego

US domestic HRC prices may be mostly stable week-over-week, at $27-$28 cwt. ($595-$617/mt or $540-$560/nt), ex-mill, but some SteelOrbis sources have indicated that at least one mill is already offering $26 cwt. ($573/mt or $520/nt) “to anyone who’s ready to book 1,000 tons or more.”

“The death march is coming,” another source said. “Especially if scrap takes a tumble in October.”

The challenges being faced within the domestic flat rolled steel market are largely consistent with what’s been seen in recent weeks. Oversupply, less-than-exciting demand and soft scrap prices are all placing downward pressure on hot rolled coil. US HRC prices are expected to remain weak throughout Q4 and are expected to settle between $24-$26 cwt. ($529-$573/mt or $480-$520/nt), ex-mill before the decline comes to an end.

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