US HRC prices continue to firm

Friday, 19 July 2019 00:55:45 (GMT+3)   |   San Diego

Last week, StelOrbis reported that US HRC prices had revised upward to $26-$27 cwt. ($573-$595/mt or $520-$540/nt), ex-mill following US flats mills’ back-to-back price increase announcements. This week, the firming trend has continued.

Sources close to SteelOrbis have indicated that current prices have risen by $1.50 cwt. ($33/mt or $30/nt) in the past seven days, to $27.50-$28.50 cwt. ($606-$628/mt or $550-$570/nt), ex-mill. Rumors about a possible third price increase announcement are already swirling through the marketplace. That rumor, sources note, is largely linked to the expectation that US scrap prices are going to firm during the August buy-cycle.

“We expect that prices will tick up in the next month and are likely to come back down again in October,” a source said. “Yes, prices are going up right now, but this is more about the fact that everyone took their inventories razor thin, which was plausible because lead times were incredibly short. Market fundamentals, as they are today, indicate that higher prices aren’t sustainable for the long term.”


Most Recent Related Articles

Euro area construction output up by 0.7 percent in Nov from Oct

Some Izmir-based Turkish mills further reduce ship scrap purchase prices

CEBID: Turkish steel pipe output expected to increase in 2020

Japan's new ship export orders fall in 2019

Domestic rebar prices in Taiwan - week 4