A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

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However, the net debt to equity ratio of steel companies is still significantly better than in the 2010-2019 period.

The domestic demand forecast was cautiously optimistic, according to market sources, led by stronger increased spending for the infrastructure market.

Elevated production costs for Turkish producers amid low scrap availability and less slab purchasing options.

In the week ending on December 31, 2022, US domestic raw steel production was 1,602,000 net tons while the capability utilization rate was 71.8 percent.

US hot rolled coil (HRC) spot prices moved down as the market remained quiet due to the Christmas holiday.