US hot rolled coil (HRC) prices remained flat this week, as buyers were cautious and limited their purchases to contract volumes. Although mills kept their offer prices high, at least one mill discussed selling at lower levels.
The average HRC selling price was reported at $1,175/short ton, with lead times in June. Import pricing fell, but longer lead times made imported material unattractive to domestic buyers.
The HRC import assessment into Houston fell by $30/short ton to $950/short ton on offers from Brazil into Houston.
Some service centers reported that mills have been delivering steel early, in some cases four weeks ahead of time.
The current status of CRC and HDG prices in the United States
One mill reported selling CRC and HDG at an average of $1,375/short ton, while offer ranges for CRC were generally from $1,350-1,400/short ton and HDG were in a wider range, from $1,280-1,400/short ton.Lead times for CRC and HDG both widened to 7-9 weeks from 8-9 weeks.
HDG supply appears to be getting looser, with multiple mills pushing prices down into the lower-$1,300/short ton range.
The CME HRC Midwest futures market showed small increases for June, July, August, September, October, and November prices, with futures remaining in backwardation.
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