The consensus with regard to the trend for US domestic scrap prices points to another downtrend in November and many are questioning if this will lead to further adjustments within the US domestic hot rolled coil spot market. Today’s prices remain steady week on week, with the average spot price transaction range still trending at approximately $21.00-$21.50 cwt. ($463-$474/mt or $420-$430/nt), ex-Midwest mill.
As with last week, sources close to SteelOrbis have confirmed that deals as much as $1.00-$1.50 cwt. ($22-$33/mt or $20-$30/nt) are available for buyers who are booking large tonnages. The uncertainty with regard to the stability of US domestic hot rolled coil spot pricing, however, has many buyers reluctant to book tons beyond what is immediately needed.