SteelOrbis sources have confirmed that while spot market prices for US HRC are still trending at approximately $35 cwt. ($772/mt or $700/nt) FOB mill, CRC and HDG prices have adjusted slightly upward.
CRC prices are up by about $1.00 cwt. ($22/mt or $20/nt) week-over-week and are now being heard at roughly $44-$46 cwt. ($970-$1,014/mt or $880-$920/nt), FOB mill, HDG prices, on the other hand, have firmed by about $2.00 cwt. ($44/mt or $40/nt) in the past 7 days and are now trending approximately $45-$45 cwt. ($992-$1,036/mt or $900-$940/nt), FOB mill.
Lead times for HRC are being heard at roughly 6-7 weeks, whereas lead times for CRC and HDG coil are now being heard at 9-10 weeks.
Similar to last week, sources have said they’re paying close attention to the UAW strike. Sources continue to report a widespread belief that mills are “ready and waiting” for the strike to end, and that they plan to announce one or more price increases as soon as that happens. And while some have said they believe that HRC prices might potentially climb to $50 cwt. ($1,102/mt or $1,000/nt) during the next price uptrend cycle, most other market participants say they’re “highly skeptical” that current market conditions are supportive of $50 cwt. hot rolled coil.