Hot rolled coil (HRC) prices in the US are up again this week as mills aim for further gains in January amid increasingly tight supply.
Argus weekly HRC US Domestic Price Index rose $ 65 per tonne to $ 820 per tonne ex-factory in the Midwest, the largest weekly rise on record.
Terms of execution remained unchanged - 8-9 weeks. The spot price is the highest since November 2018 and is up 82% from an annual low of $ 450 per tonne recorded in mid-August.
According to market participants, metallurgical companies ArcelorMittal and US Steel raised their January offers of hot rolled steel by $ 850 per ton. At the same time, the market remains in short supply and buyers simply have no choice.
Cold Rolled Coil (CRC) estimates for the US domestic market rose $ 60 to $ 970 per tonne, while hot dipped galvanized coil (HDG) estimates rose $ 55 to $ 970 per tonne. The lead times for CRC and HDG orders have been increased from 12 weeks to 10-12 weeks.
Import prices for HRC in Houston are up $ 60 to $ 800 per tonne as foreign prices continue to rise.