As in previous weeks, spot market prices for US domestic HRC and CRC have continued to climb, and the news that US scrap prices are expected to firm by $50/gt during next month’s buy cycle have many believing that sheet prices will climb further.
As of today, US HRC prices are trending in an unprecedented range of $74-$77 cwt. ($1,631-$1,698/mt or $1,480-$1,540/nt), FOB mill, against a range of $73-$75 cwt. ($1,609-$1,654/mt or $1,460-$1,500/nt), FOB mill, a week ago.
US CRC prices have also risen and are now being heard at $84-$87 cwt. ($1,852-$1,918/mt or $1,680-$1,740/nt), FOB mill, against a range of $83-$85 cwt. ($1,830-$1,874/mt or $1,660-$1,700/nt), FOB mill, a week ago.
Long lead times, slim-to-nonexistent spot ton availability, strong demand, and still-climbing scrap prices are attributed to this week’s rise.