US domestic mills have yet to succeed in getting customers to pay higher prices on the spot market, but the recent increase have seemed to prevent prices from slipping any lower. It should also be noted that the market-wide supply glut is also being felt by US hot rolled coil. According US steel import license data, US import tonnages of hot rolled coil were at 293,044 mt for May and 296,397 mt for June; July 14 data indicates July tonnages are already at 160,796 mt.
“It’s the same story,” according to one Texas-based source. “There is too much supply and not enough demand.” For now, prices within the US domestic spot market remain unchanged, at $22.00-$23.00 cwt. ($507-$529/mt or $460-$480/nt), ex-Midwest mill.
|
Cwt. |
Metric Ton (mt) |
Net ton (nt) |
Change from last week |
US ex-mill spot price |
|
|
|
|
|
|
|
|
|
$23-$24 |
$507-$529 |
$460-$480 |
neutral |
|
|
|
|
|
|
Korean |
|
|
|
|
$20-$22 |
$441-$485 |
$400-$440 |
new offer |
|
|
|
|
|
|
Turkey* |
|
|
|
|
$20-$22 |
$441-$485 |
$400-$440 |
neutral |
|
|
|
|
|
|
|
|
|
|
|
Brazil* |
|
|
|
|
$20-$22 |
$441-$485 |
$400-$440 |
neutral |
|
|
|
|
|
|
*DDP loaded truck US Gulf Coast ports |
|
|
|
|