Last week, SteelOrbis reported that US domestic HSS prices had fallen to an average of $44.50 cwt. ($981/mt or $890/nt), ex-mill, with the idea that prices would continue to trend downward.
That expectation has since come to fruition. Sources close to SteelOrbis say that as of today, spot market prices are hovering at $44.00 cwt. ($970/mt or $880/nt), ex-mill, and that discounts up to $2.00 cwt. ($44/mt or $40/nt) underneath that level for volume orders are still being heard in the market.
Market players also say they expect that the “average” spot market price is likely to endure an official downward revision “much sooner than later.”
“I’m hearing there may be another $1.50 cwt. ($33/mt or $30/nt) decrease around the middle of November, and then it should level out for the balance of the year,” one source said. “But at this point, with everything else that’s going on with hot rolled and scrap, who knows?”
US HRC prices continue to trend soft, and it’s believed that with this month’s marked decline in domestic scrap prices, US HRC will face additional downward pressure in the upcoming weeks, which could soon affect US HSS prices as well.