In the days leading up to the Fourth of July holiday, SteelOrbis sources throughout the US thought that higher scrap prices would push sheet steel prices, including HRC, CRC, and HDG coil prices higher. And while scrap prices held at mostly sideways during this month’s buy cycle, flats rolled steel spot market prices have continued to climb.
This week, US HRC prices are trending at $88-$92 cwt. ($1,940-$2,028/mt or $1,760-$1,840/nt), FOB mill, against a range of $84-$88 cwt. ($1,852-$1,940/mt or $1,680-$1,760/nt), FOB mill, two weeks ago.
Current CRC prices are now being heard at $98-$100 cwt. ($2,161-$2,205/mt or $1,960-$2,000/nt), FOB mill, against a range of $94-$98 cwt. ($2,072-$2,161/mt or $1,880-$1,960/nt) FOB mill, two weeks ago.
The reason for the still-strong pricing trend, sources note, is similar to what’s been reported in the past: strong demand, limited spot tons, and long lead times. Lead times for HRC are trending at roughly 6-9 weeks, sources note, adding that CRC lead times are being heard at 8-10 weeks, if not longer.