Hot-rolled coil prices in the United States have resumed their uptrend, with buyers on the sidelines waiting for mills to open their order books amid limited material availability, sources told Fastmarkets.
The oil country tubular goods (OCTG) and line pipe markets are suffering from oversupply and a shifting energy sector, and President-elect Joe Biden’s administration could add to the industry’s challenges, sources told Fastmarkets.
Hot-rolled coil prices in the United States declined for the second consecutive day due to diminishing spot market activity and a lack of availability from steel producers, according to market participants.
GFG Alliance, the parent of Liberty Steel Group, believes consolidation and “green” steel technology are key to the evolution of the steel industry, the company’s executive chairman and chief executive officer said.
The electric vehicle (EV) and autonomous vehicle (AV) markets will have a large impact on the automotive industry and there are technological advances happening in steel that could contribute to this auto evolution, according to a panel discussion during the Steel Success Strategies 2020 virtual conference this week.
Hot-rolled coil prices in the United States have remained steady above $33.50 per hundredweight ($670 per short ton); meanwhile, market activity has slowed, with buyers waiting to purchase more material amid expected additional increases and rising offer prices.