As previously predicted, US HRC prices have started to climb. Current price points have risen by $0.50 cwt. ($11/mt or $10/nt) since our last report a week ago, which brings the current price range to $34.50-$35.50 cwt. ($761-$783/mt or $690-$710/nt), ex-mill.
This slightly uptick is consistent with SteelOrbis’ prior prediction that Q1 US HRC prices will eventually settle at $36 cwt. ($794/mt or $720/nt), ex-mill; this month’s uptick in domestic scrap pricing seems to support our prediction.
It’s also rumored that US flats mills may try for a third price increase by the end of this month, although sources close to SteelOrbis note that short, four-week lead times and current market demand are unlikely to support full acceptance.