US HRC prices maintain upward trend

The most commonly heard spot price transaction range for US domestic hot rolled coil (HRC) has firmed by $1.00 cwt. ($22/mt or $20/nt) on the bottom end since our last report a week ago, which brings the new, current average spot market price range to $29-$30 cwt. ($639-$661/mt or $580-$600/nt), ex-Midwest mill.

 

Prices have firmed vastly since US flat rolled steel mills announced not one, not two, but four price increases.  In mid-October, before the announcements began, SteelOrbis reported that US HRC spot market prices were trending at $23.50-$24.50 cwt. $518-$540/mt or $470-$490/nt), ex-Midwest mill.

 

The upticks in HRC spot market prices have been supported by lack of availability of imports and firming US scrap prices. It is further speculated that mills may try to push for a fifth price increase in the near future.