The most commonly reported ex-Midwest mill spot price transaction range for US domestic hot rolled coil (HRC) has firmed by an additional $2.00 cwt. ($44/mt or $40/nt) on the low end since our last report a week ago, which brings the current average spot market transaction range to $25.00-$26.00 cwt. ($551-$573/mt or $500-$520/nt).
US domestic HRC prices have firmed by approximately $3.00 cwt. ($66/mt or $60/nt) in the past two weeks.
Last week, ArcelorMittal USA announced they would be implementing a new, minimum base price of $26.00 cwt. ($573/mt or $520/nt) for US HRC effective immediately, with all new orders.
“Lead times are out, raw materials costs are up and imports aren’t really a factor right now based on the trade cases,” one Midwest source said. “Flats mills obviously want to take advantage of all of this while they can.”