US domestic flat rolled steel mills have announced $3.00 cwt. ($66/mt or $60/nt) in price increases since the middle of November, and as such, US HSS market players are keeping close tabs on the hot rolled market.
At current, the most average price for US HSS is trending at $49 cwt. ($1080/mt or $980/nt), and many believe that prices will firm in January; it’s largely speculated that US flat rolled steel mills will announce another price increase after US domestic scrap prices settle during the January buy cycle.
Year-over-year, US HSS prices have risen substantially. In mid-December 2016, SteelOrbis reported that US HSS prices were trending between $43-$45 cwt. ($948-$992/mt or $860-$900/nt), ex-mill.
Overall market activity for the next 10 days is expected to trend light, as many within the industry plan to take time off to celebrate the year-end holidays.