US HRC index remains above $74/cwt

Hot-rolled coil prices in the United States remained above $74 per hundredweight in the second week of April, with steady demand for spot material and restricted supply bolstering the hot-band price

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $74.13 per hundredweight ($1,482.60 per short ton) on Monday April 11, down 2.01% from $75.65 per cwt on Friday April 8 but up 1.53% from $73.01 per cwt a week ago.

Fresh inputs were received in the producer and distributor sub-indices in a tight range of $72.50-75.00 per cwt, representing deals, mill offers and general indications of current spot market pricing. An input was rolled over in the consumer sub-index due to lack of liquidity.

Heard in the market

Though the HRC index has retreated from Friday’s high of $75.65 per cwt, most mills - but not all - are offering material at $75 per cwt or above, sources said.

Overall spot demand has improved versus March and the environment of panic buying created in the aftermath of the ukraUkraine war has subsided, according to a producer source.

Spot tons are not plentiful in domestic and import markets, supporting US coil prices, according to buyers.

Quote of the day

Spot demand is steady,” a producer said. “We are not seeing the buyers purchase material like crazy in fear they cannot get their hands on material, but they are buying more than they were six weeks ago.

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