US hot-rolled coil index jumps over $1,190/t

Confirmed deals have driven hot-rolled coil prices in the United States over $59.50 per hundredweight ($1,190 per short ton), to an all-time high.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $59.63 per cwt ($1,192.60 per ton) on Thursday February 11, up by 0.98% from $59.05 per cwt the previous day and 0.68% higher than $59.23 per cwt one week ago.

Inputs were received in a range from $58.00-62.50 per cwt, representing confirmed deals, mill offers and general assessments of spot market pricing levels. A transactional input was carried over within the producer sub-index to minimize day-to-day volatility.

Heard in the market
This marks the third time in a week that Fastmarkets’ hot-rolled coil index has set a new all-time high, after climbing to $59.23 per cwt on Thursday February 4 and $59.24 per cwt on Monday February 8, and sources do not expect the flat-rolled steel segment’s historic bull market to retreat any time soon.

Lead times have remained stable and supply continues to be restricted to an unprecedented degree, with activity in the automotive; heating, ventilating and air conditioning (HVAC); and non-residential construction segments still strong.

At the same time, the global shortage of computer chips has yet to dent steel demand from the automotive end market, sources said, while the arrival of imported flat-rolled steel expected in late spring will not be sufficient to ease the current shortfall or pressure domestic prices lower.

Quote of the day
“Supply is flat-out atrocious,” a consumer source said. “Demand is strong, and mills are still running two-plus weeks behind.”

What to read next
The publication of the affected prices was delayed for 50 minutes. The following indices were published late: MB-MNO-0001 Manganese ore high grade index, cif Tianjin, $ per dmtu MB-MNO-0002 Manganese ore semi carbonate index, 36.5% Mn, fob Port Elizabeth, $/dmtu MB-MNO-0003 Manganese ore semi carbonate index, 36.5% Mn, cif Tianjin, $/dmtu These prices are a part of the […]
The global copper market has finally received the widely anticipated news that imports to the US will be tariffed from August 1. The finer details of the tariffs, including their scope, and whether key copper-exporting nations like Chile, Canada and Peru will be exempt, remain unclear.
Understand how recent tariff decisions are affecting the European pulp and paper industry and trade with the US market.
Mexico’s production and consumption of long steel fell year-on-year in May due to weakness in the country's construction sector, but posted a month on month gain, according to the latest data from the Mexican steel chamber, CANACERO.
Despite the current headwinds, strategic partnerships and continued investment in the right areas, coupled with the underlying strong long-term demand fundamentals, will pave the way for success for lithium producers, according to the participants of the executive panel during the Fastmarkets Lithium Supply and Battery Raw Materials Conference, which took place from June 23-26 in Las Vegas, Nevada.
The US and Europe must adopt long-term, consistent policies and should learn lessons from China, according to lithium industry experts speaking at Fastmarkets’ Lithium Supply and Battery Raw Materials Conference in Las Vegas, US, over June 22-25.