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An interesting event in 2020: US HRC price dips below the China HRC price
Senior Price Reporter, Michael Cowden, talks about what happened in July & August around the US, European and Chinese HRC price and how the US market might or will recover going into fall 2020.
A comprehensive look at the US steel flat-rolled market
US Steel flat-rolled products for the week of October 12, 2020
Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $33.17 per hundredweight ($663.40 per short ton) on Friday October 16, up by 1.4% from $32.72 per cwt on Thursday and by 3.7% from $32 per cwt on October 9.
This is the highest level since the index was calculated at $33.80 per cwt on April 23, 2019.
Heard in the market
Inputs ranged from $32-35 per cwt, and were received across all three sub-indices for producers, distributors and consumers.
Producers appear to be in the process of increasing prices via direct offers to customers without relying on the typical price hike announcements via letters to customers. This implies that market fundamentals are strong enough to support higher prices because the mills do not need to convince customers of that, according to market participants. Indeed, producers are not budging on offers, while inventory levels remain relatively low and shipments are up, sources said.
Some mills are not yet willing to offer quotes for small, last-minute spot tons that could be available for December, according to buyer sources. Several buyers agreed that prices are likely to continue to increase at a relatively fast clip for at least the next few weeks, if not longer. Some of those buyers believe that prices will remain strong through the end of the year.
What happened between US HRC and Busheling in 2020?
Managing Editor, Thorsten Schier, reveals the changes and what's impacted this strange event.
US steel mills are on pace to add more than 13.5 million tons of EAF flat-rolled steelmaking capacity at a cost of at least $6.3 billion...
PRICING NOTICE: Proposed amendment to US steel sheet, plate assessments
Fastmarkets AMM proposes amendments to its weekly steel sheet and plate assessments.Read now
US HRC price gets comfortable around $30 per cwt
US hot-rolled coil prices continued to hold their ground around $30 per hundredweight ($600 per ton) amid chatter that another round of mill price hikes could be rolled out late this month or early next.Read now
RESEARCH: US flat-rolled prices recover as expected but pace of rise surprises
The latest forecasts from Fastmarkets’ team of analysts are ready to view.Read now
US Commerce Department seeks enhanced trade regulations
The United States Department of Commerce has proposed a sweeping set of new rules to clarify and streamline the administration and enforcement of anti-dumping and countervailing duty laws.Read now
We have been advised that there is no guarantee of December-ship tons. We are getting to the point where import offers are becoming attractive again for spot market customers. I have seen this cycle several times before, where the steel mills run up prices as high as possible until the market crashes and orders are canceled. I don't expect anything different this time around, even with the pandemic flaring up again.
Steel Success Strategies Online
Steel Success Strategies is moving online in 2020, giving the steel industry a platform to meet and find common solutions in a year of crisis.Learn more
Playback: Insights to Drive Success in the 2020 US HRC Contract Season
Take a listen as our experts reviewed the dynamics in the US HRC market through the lens of our daily HRC benchmark.Register now
Playback: US Steel Supply Chain: Sunny Days Ahead?
This June 2020 webinar, led by our North American steel team, discussed the direction the steel and raw materials markets were headed during the summer and if better days were on the horizon. Watch the playback now.Watch now
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.
HRC Index Indicators
Forecasting & analysis
Our HRC forecasts and market analysis help businesses plan ahead.
Our industry data gives you the insight you need to dig deeper
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.