The most commonly heard spot market price range for US HRC softened by approximately $1.00 cwt. ($22/mt or $20/nt) on the bottom end since our last report a week ago, which brings today’s average spot market price transaction range for the “average buyer” to $38.50-$39.50 cwt. ($849-$871/mt or $770-$790/nt), ex-mill, although sources close to SteelOrbis are indicating that “any buyer who is willing to bring tons to the table can easily do $1.00 cwt. ($22/mt or $20/nt) better.
The price softening for US HRC in the past week is similar to the trend seen for both US CRC and HDG coil.
US domestic HRC prices are down by about $5.50 cwt. ($122/nt or $110/nt) from their peak in early August, when US HRC prices were trending at $44-$46 cwt. ($970-$1,014/mt or $880-$920/mt), ex-mill. Yesterday, SteelOrbis reported that US CRC prices are also down by $5.50 cwt. from their early August high point.
Sources believe that prices could see some additional corrections in the upcoming days as mills may become increasingly willing to make deals during the typically-slow final weeks of the year.