The COVID-19 virus is wreaking havoc in all steel market segments, and US HRC has not been immune. Last week, SteelOrbis reported that the average spot market price range is trending at $26-$28 cwt. ($573-$617/mt or $520-$560/nt), ex-mill, noting that sources said that pegging the true market price was “near impossible, because the price depends on the size of the order and the customer who is buying it.”
This week, sources have said that in some cases, HRC futures are being heard “much lower than that. The mills are saying it’s not sustainable, but the market stinks and we are where we are.”