The most commonly reported spot price transaction range for US domestic hot rolled coil (HRC) have slipped slightly since our last report a week ago. The previous range, which trended at approximately $21.00-$21.50 cwt. ($463-$474/mt or $420-$430/nt), ex-Midwest mill, has softened by $1.00 cwt., which brings the current spot price transaction range to $20.00-$21.00 cwt. ($441-$463/mt or $400-$420/nt).
“The deals that were previously only available to the large-sized buyers are now available to the average customer,” according to one Midwest-based source, who notes that falling prices have done little to spur market demand. High inventories and still-arriving import tons continue to be a problem, sources say, noting many buyers remain concerned that prices could continue to fall if US domestic scrap prices settle down again in November.