US flat rolled steel mills have announced a fifth price increase; this week, AK Steel, Nucor and NLMK USA told customers they would be raising US domestic hot rolled coil (HRC) spot market prices by $2.00 cwt. ($44/mt or $40/nt), effective immediately.
And while the above stated mills did not announce new, minimum pricing, ArcelorMittal USA told customers they were setting a new, minimum base price of $32 cwt. ($706/mt or $640/nt).
Today, the most commonly heard spot price transaction range for US domestic HRC has risen by $1.00 cwt. ($22/mt or $20/nt) on the low end, and by $1.50 cwt. ($33/mt or $30/nt) on the top end, which brings today’s average transaction range to $30.00-$31.50 cwt. ($661-$694/mt or $600-$630/nt), ex-Midwest mill, although some SteelOrbis sources have said that buyers who are looking to book limited tonnages are likely paying $0.50 cwt. ($11/mt or $10/nt) more.
Lead times are currently trending between four and six weeks, a source said.
In terms of the year-on-year trend, in mid-January 2016, SteelOrbis reported the most commonly heard spot market price for US domestic HRC was trending at $19.00-$20.00 cwt. ($419-$441/mt or $380-$400/nt), ex-Midwest mill.