The most commonly heard spot market price transaction range for US domestic HRC has softened by $1.00 cwt. ($22/mt or $20/nt) on the top end since our last report a week ago, which brings the current average transaction range to $29.00-$30.50 cwt. ($639-$672/mt or $580-$610/nt), ex-mill. However, sources have confirmed the bulk of transactions are taking place at or below $30.00 cwt. ($661/mt or $600/nt) ex-mill.
Sources tell SteelOrbis that price softening within the US domestic scrap market during the October buy-cycle was a contributing factor in the current downtrend in US HRC prices, adding that mills are more open to negotiating on price due to unfilled order books along “with the fact that with raw material costs being where they are, the mills can adjust prices and still make money.”
Looking offshore, import HRC spot market prices in the US domestic market from Egypt and Serbia continue to trend at range to $30-$31 cwt. ($661-$683/mt or $600-$620/nt), DDP loaded truck in US Gulf coast ports, however, interest in booking offshore remains light due to increasingly attractive prices within the US domestic market.