SteelOrbis sources have reported that the downward price trend within the US HRC market has continued. Spot market prices, which were seen at an average of $26 cwt. ($573/mt or $520/nt), ex-mill, are now being heard in the range of $24.50-$25.50 cwt. ($540-$562/mt or $490-$510/nt), ex-mill. Weak scrap prices and soft demand are contributing factors to the downtrend.
Today’s price range is down substantially from the first week of January, when prices were trending in the range of $37-$38 cwt. ($816-$838/mt or $740-$760/nt) ex-mill. Sources close to SteelOrbis have said that the market currently lacks optimism, and many believe that US HRC prices may not recover until Q1 of next year.