Market players within the US continue to report widespread chatter about US HRC spot market prices going as high as $40 cwt. ($882/mt or $800/nt), ex-mill, before the current uptrend comes to an end.
That belief seemed to be underscored within the past week; during the first week of February, SteelOrbis reported US HRC prices were trending at $33-$35 cwt. ($728-$772/nt or $660-$700/nt), ex-mill, but this week, prices have firmed by $2.00 cwt. ($44/mt or $40/nt) on the bottom end, and by $1.00 cwt. ($22/mt or $20/nt) on the top end, which brings the current average transaction range up to $34-$36 cwt ($750-$794/mt or $680-$720/nt), ex-mill.
“Mills are confident they’ll be able to force the price increases into acceptance, and we believe that prices will continue to firm through the first, and very likely, the mid to late second quarter,” a source said.