US sheet steel prices still declining ahead of holiday weekend

Friday, 01 July 2022 22:56:38 (GMT+3)   |   San Diego
       

US domestic sheet steel prices have continued to soften, as short lead times, soft order books, and customers’ reluctance to bulk-buy steel in a down trending market continue to place pressure on the market.

This week, “official” US HRC prices are trending at $49.50-$51.50 cwt., ($1,091-$1,135/mt or $990-$1,030/nt), FOB mill, against a range of $50-$53 cwt. ($1,102-$1,168/mt or $1,000-$1,060/nt), FOB mill, a week ago.

CRC prices are also down week-over-week, and are now being heard at approximately $72.50-$74.50 cwt.  ($1,598-$1,642/mt or $1,450-$1,490/nt), FOB mill, against a range of $73-$75 cwt. ($1,609-$1,653/mt or $1,460-$1,500/nt), FOB mill, a week ago. Similar to last week, sources continue to confirm that deals below these ranges have been heard throughout the marketplace.

Lead times have remained consistent, week-over-week, at 3-4 weeks for HRC, and 6-7 weeks for CRC.

Some sources speculate that US HRC prices “still have some softening to do,” adding that “prices could fall to $45 cwt. ($992/mt or $900/nt), if not lower, before this slide is over.”


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