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Prices & Trends
A comprehensive look at the US steel flat-rolled market
US Steel flat-rolled products for the week of March 5, 2021
Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $63 per hundredweight ($1,260 per short ton) on Thursday March 4, up by 1.04% from $62.35 per cwt on Wednesday and by 1.86% from $61.85 per cwt on February 25.
Inputs were received across all three sub-indices in a range from $60-65 per cwt, inclusive of mill offers and general assessments of current spot market price levels.
Heard in the market
A worsening supply crunch, along with emerging strong upside in prime scrap prices in the March raw material trade, have worked in tandem to push Fasmarkets’ daily index to a new all-time record.
Sources said there are no immediate signs that the meteoric rise in hot band prices will abate anytime soon.
A southern service center source expects domestic producers to increase prices once this month’s scrap trade settles, with Detroit entering the market up $70 per gross ton on prime grades.
One end user source noted that producers in the US South are four to six weeks behind schedule, and the volume of imported hot band entering the market is not sufficient enough to pressure domestic prices.
Furthermore, with demand from key steel-consuming industries remaining strong, sources said the current bull market should have staying power through the end of the second quarter of this year.
Launching a new hot-rolled based galvanized steel price
Dom Yanchunas, senior price reporter, talks about the need for a new hot-rolled based galvanized steel price to give market participants a clear view of the price differentials.
Market News
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Where is the US steel market heading and what global factors are impacting it?
I am very worried about supply. Steel is like searching for toilet paper during the initial onslaught of the Covid pandemic - shelves {are} empty.
Events & Webinars
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Global Iron Ore 2021
Connect with key players throughout the entire iron ore supply chain from the comfort of your own home/office. This free-to-attend virtual conference enables you to learn and understand which fundamentals impact the iron ore supply chain worldwide - and what to watch out for.
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Mexican Steel Forum 2021
From steel mills to scrap processors, from automotive OEMs and white goods producers, Mexican Steel 2021 provides a free digital meeting place for existing and potential customers. You will have the opportunity to connect with our expert speakers & content from wherever you are in the world at a time of unprecedented market behavior.
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Scrap, DRI and Mini-Mills 2021
Hear prices and trends for scrap production from Fastmarkets experts first hand, to help you in purchasing and raw material mix choices. This free-to-attend virtual conference enables you to learn and understand which fundamentals impact the supply chain worldwide.
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Our methodology
A number of people in the metals industry rely on our price assessments and indices to empower their business decisions everyday. We take this responsibility very seriously, and seize every opportunity to provide an explanation of how we, as a price reporting agency, provide this trustworthy data. Our methodologies are published and made accessible to ensure our price reporting process is fully transparent.
Our North American Steel Editor, Grace Asenov, walks you through how we price our US HRC Index in a quick video below.
You can access our full methodology and price specifications for US HRC Index here and for our other steel prices here.
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Why trust our HRC Index?
We understand how important hot-rolled coil (HRC) is to the steel industry, that’s why we provide a wide range of detailed coverage for this material. From prices and price forecasts to the latest breaking news plus long-term analysis of supply and demand our experts can prepare you for anything you need.
Due to increased volatility and feedback from participants in the flat-rolled markets, in November 2018 we increased the frequency of our HRC index to daily to provide a more market-reflective picture of what's happening. This means that every day our reporters are speaking to members of the steel market, understanding what transactions or impactful situations may have occurred that would shift the market.
As a customer, you can obtain a rich history of this market. We have been reporting on HRC, under the former brand American Metal Market, since 1960 with a weekly assessment. In July 2017, we moved our assessment to an index calculation based on market feedback.
Whether you produce, consume or trade HRC, you can rely on our market information to help ensure you make informed decisions for your business.
HRC, or hot-rolled coil, is the predominant finished steel form in the domestic and global steel industry and is the basis for many steel-based industrial products. Significant liquidity in the HRC market along with its importance as a raw material for manufacturers makes this a critical material with consistent volatility in its physical markets.
HRC is mostly used in industrial fabrication as well as in large end markets like automotive and construction. It also is used as a substrate in welded steel tube and pipe production and heavy industrial equipment in the agricultural industry. Participants active in the physical spot market for HRC includes steel mills, service centers, fabricators, and end users such as pipe mills or automotive companies.
Market participants use our HRC prices as escalators or de-escalators in their contracts, as benchmarks for physical and financial contracts, internal sales/purchasing performance evaluations, inventory appraisals and market trend analysis and forecasting. HRC prices also are generally used as an indicator of the health of a steel industry as it is the most commonly produced steel item, and so is often tracked by analysts and financial institutions.