The most commonly heard spot market price transaction range for US domestic hot rolled coil has inched up by an additional $0.50 cwt. ($11/mt or $10/nt) in the past week, which brings the current HRC spot market price transaction range to $32.50-$34.50 cwt. ($717-$761/mt or $650-$690/nt), ex-mill, which is just shy of mills’ desired price point of $35.00 cwt. ($772/mt or $700/nt).
Current pricing is up $1.50 cwt. ($33/mt or $30/nt) month-over-month; in mid-December, US HRC pricing was trending at $31-$33 cwt. ($683-$728/mt or $620-$660/nt), ex-mill.
Domestic HRC pricing is expected to firm through “at least the end of Q1,” sources note, with some citing belief that the upward price trend could extend through the close of Q2. It’s also worth noting that current expectations put US domestic scrap prices as “firm” for the February buy cycle, which has market players steadfast in their belief that another flat rolled price increase is imminent.
Looking offshore, US sales pricing for import HRC coil from Turkey and Korea in the US domestic market continues to hold at $32-$34 cwt. ($705-$750/mt or $640-$680/nt), DDP loaded truck in US Gulf coast ports. As with last week, interest in booking offshore remains robust.