Spot market prices within the US domestic HSS market have softened since our last report; this softness is in line with our previous assessment that spot market prices had not yet bottomed.
A week ago, SteelOrbis reported that the average transaction range for US domestic HSS was spanning between $45-$46 cwt. ($992-$1,014/mt or $900-$920/nt), ex-mill, with lead times hovering at 2-3 weeks. This week, prices are being heard in the range of $44-$46 cwt. ($970-$1,014/mt or $880-$920/nt), ex-mill, with deals slightly below this range available to volume buyers.
This week’s price correction is attributed to soft HRC and scrap prices coupled with buyer who hesitancy to stock up in a downtrending market.