The most commonly heard spot market price transaction range for US domestic HRC has continued to move upward, as prices have firmed by $1.00 cwt. ($22/mt or $20/nt) on the bottom end since our last report a week ago.
This brings the current average transaction range to $36.50-$37.50 cwt. ($805-$827/mt or $730-$750/nt), ex-mill. This week US Steel set their minimum base price for US HRC at $40.00 cwt. ($882/mt or $800/nt), and while the rest of the mills have yet to follow suit, it’s believed that another price increase will be announced after scrap prices settle in March.
Year-over-year HRC pricing is up substantially. In late February 2017, spot market prices were trending at $31.00-$32.50 cwt. ($683-$717/mt or $620-$650/nt), ex-mill.