The most commonly heard spot price transaction range for US domestic hot rolled coil has firmed by $1.00 cwt. ($22/mt or $20/nt) on the top end since our last report a week ago.
This brings the current average spot market price transaction range to $30-$32 cwt. ($661-$705/mt or $600-$640/nt), ex-mill; it’s further believed that US HRC pricing will continue to firm in the upcoming weeks.
Today, Nucor Sheet Mill Group, NLMK USA and California Steel Industries announced they would be raising prices on all flat rolled steel products by $1.50 cwt ($33/mt or $30/nt), effective with all new orders. Sources close to SteelOrbis have said they’re not at all surprised by today’s announcement, adding that many expected flats mills would implement another price increase “as soon as scrap prices settled.”
Yesterday, SteelOrbis reported that shredded scrap and busheling scrap in Texas settled up $20-$30/mt and $15-$20/mt, respectively, from levels seen in November. Shredded scrap and busheling scrap in the US Central Midwest region settled up $30/mt and $20/mt, respectively, from levels seen in November.