Although many were concerned that the forecasted downtrend in US domestic scrap prices would lead to price softening within the US domestic hot rolled coil (HRC) market, the HRC market has been slow to react. As with last week, most ex-Midwest mill spot prices continue to trend in the approximate range of $21-$22 cwt. ($463-$485/mt or $420-$440/nt), but sources close to SteelOrbis report that deals below that range are currently available to the largest-sized buyers.
Overall order activity continue to trend slow, however, as ongoing import arrivals coupled with already-high inventory levels has demand trending weak.