US HRC index still hovering near $59/cwt

Hot-rolled coil prices in the United States continued to hover around $59 per hundredweight despite some reports of lower transactions.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $59.05 per hundredweight ($1,181 per short ton) on Wednesday February 10, up by 0.15% from $58.96 per cwt the previous day and by 2.38% from $57.68 per cwt one week earlier.

Inputs were received in a range of $52-62.50 per cwt, but the low end of that range was automatically discarded by the outlier filter. Most inputs were collected in the range of $58-60 per cwt. Inputs were carried over in the consumer sub-index due to a lack of liquidity there.

Heard in the market

Most sources did not hear of any transactions at levels collected toward the low end of the range on Wednesday, they said.

It remains difficult to find material, particularly in the Midwest, some buyer sources said, noting that there were some better deals available in the South recently due to more supply availability, but those have dried up now.

Other sources, meanwhile, said lead times are stable.

Service centers are still seeing positive demand from their customers, market participants said.

A West Coast distributor source noted that it is easier to penetrate markets further east now because those who can import have a competitive advantage over those who cannot.

Quote of the day
“Some customers think there will be more availability in May and June, but as customers hesitate to buy too far forward that may just keep the market firm longer,” a producer source said.

Patrick Fitzgerald in New York contributed to this report.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed