US HRC prices mostly level, although mills might “flirt” with deals

The most commonly reported spot price transaction range for US domestic hot rolled coil may have trended sideways since our last report a week ago, still at approximately $25.00-$27.00 cwt. ($551-$595/mt or $500-$540/nt) ex-Midwest mill, but sources close to SteelOrbis say that some sales reps have been flirting with deals slightly below.

Buyers say they are still reluctant to make any big moves until they are certain the market has reached bottom, and while things may have leveled in the immediate sense, it’s strongly believed the US domestic scrap market could settle down much more than previously expected for February buys. If this does in fact happen, US domestic HRC prices could see additional slippage as well.