US hot-rolled coil index steady ahead of domestic ferrous scrap trade

Hot-rolled coiled prices in the United States held essentially flat to begin February.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $56.56 per hundredweight ($1,131.20 per short ton) on Monday February 1, up by 0.1% from $56.50 per cwt on Friday January 29 and an increase of 2.7% from $55.07 per cwt one week earlier.

Inputs were collected in a range of $54-60 per cwt, representing confirmed deals, mill offers and general assessments of spot market pricing levels. A non-transactional input was carried over within the consumer sub-index due to a lack of liquidity.

Heard in the market
Hot-rolled coil lead times currently stretch from late March to early April, according to market participants.

Sources said the same recent confluence of factors – scant spot supply, low service center inventories, strong automotive demand and little pressure from imports – should keep prices stable, even if the cost of prime scrap declines during February’s domestic ferrous scrap trade.

Market participants reported little indication that more material will hit the market in the near term – either from imports or additional domestic output – leaving mills firmly in the driver’s seat of the current spot market.

Quote of the day
“If there’s any availability, the mills are naming their price,” according to a southern service center source. “As long as the mills accept low-volume performance, we’ll be in this price range for a while.”

What to read next
Fastmarkets’ Shanghai-London arbitrage calculations for base metals were published incorrectly on Wednesday September 28 due to a reporter error,
Is the ‘green’ advantage held by steel companies in the US at risk as the market adopts a more rigorous approach to reducing Scope 3 emissions?
Spot demand for aluminium is softening and Rotterdam premiums now, at the end of September 2022, are at a nine-month low, so market participants are considering whether Europe remains an attractive destination for imports
Hydro will partially curtail aluminium production at Hydro Karmøy and Hydro Husnes in Norway, the company announced on Tuesday, September 27.
The copper market faces macro-economic-related headwinds from the turmoil currently affecting economies worldwide, multinational commodities trader Concord Resources’ research manager, Duncan Hobbs, told delegates at the Fastmarkets Copper Conference in Barcelona, Spain, this month
What does the launch of Outokumpu new sustainable stainless steel line, Circle Green, mean for the industry’s green transition?
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed