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US hot rolled coil (HRC) spot prices were mostly flat this week after mills received most of their first price increase and at least one has started to try to push a second price increase.
The Argus weekly domestic US HRC Midwest assessment edged down by $2.75/st to $678.50/st, while the southern assessment slipped by $2/st to $678.50/st.
The prices maintained most of their increase in the prior week, when steel mills pushed prices up by $60/st and firmly set prices higher.
HRC lead times in the Midwest were flat at 4-5 weeks.
Steel mills were broadly offering HRC at $680-700/st, but offers were reported as low as $630/st.
Market participants noted that steel mills were holding the line on their offers, with no low prices reported.
Today integrated steelmaker Cleveland-Cliffs announced a $50/st flat-rolled price increase and set a minimum HRC price level of $750/st. The company announced on 28 November a $60/st flat-rolled price increase, but hadn't set a minimum price then.
Pricing during the US scrap trade for December rose by $30/gross ton (gt) on #1 busheling and $20/gt on shred grades.
The Argus HRC import assessment into Houston was flat at $680/st ddp on no trades.
The spread between #1 busheling scrap delivered US Midwest mills and HRC fell by 7.5pc to $365/st, reflecting the increase in scrap prices.
A year ago the spread was $1,206/st as HRC prices were falling from record-high levels.
The Argus weekly domestic US cold-rolled coil (CRC) assessment increased by $11/st to $877/st, while the hot dipped galvanized (HDG) coil assessment rose by $11/st to $878.75/st.
Lead times for CRC and HDG both increased to 6 weeks from 5-6 weeks.
The CME HRC Midwest futures market rose in the last week, with the futures prices remaining in contango. January prices rose by $19/st to $740/st, while February prices moved up by $10/st to $751/st. March prices jumped by $17/st to $765/st, while April prices increased by $28/st to $774/st. May prices rose by $10/st to $775/st, and June prices increased by $5/st to $772/st.
Plate
The Argus weekly domestic US ex-works plate assessment fell by $13/st to $1,461.25/st as the market continued to digest Nucor's $140/st price decrease from two weeks ago.Lead times fell to 4-6 weeks from 4-7 weeks.
The plate delivered assessment dropped by $155/st to $1,495/st.
Argusmedia
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