US domestic hot rolled coil prices have continued to climb since our last report a week ago. Current prices are trending in the range of $27.50-$28.50 cwt. ($606-$628/mt or $550-$570/nt) ex-mill, reflecting an increase of approximately $1.50 cwt. ($33/mt or $30/nt) since our last report a week ago. However, deals below this range continue to be available based on volume.
Prices are up by approximately $4.00 cwt. ($88/mt or $80/nt) since early November, when mills announced the first of three price increases. Sources believe that prices may continue to inch upward in December due to higher scrap prices during this month’s buy cycle, however, in the absence of marked increase in end-use demand, as opposed to “the rampant stock buying that took place when people thought the market had bottomed and prices were about to go back up,” it’s unclear whether higher US HRC prices will prevail in Q1 of next year.