Argus's US Weekly Domestic Hot Rolled Sheet (HRC) Index is up $ 50 to $ 920 ex works this week.
The registered price is the highest since Argus began registering HRC prices in August 2018, and more than double the price recorded in mid-August, when HRC spot prices hit an annual low of $ 450 per tonne.
The growing shortage and lead times for rolling orders indicate a continuing rise in prices, which, according to market participants, will soon exceed $ 1,000 per tonne, which will be the highest price level in the history of the steel trade.
The market is in an ongoing process of consolidation: Cleveland-Cliffs completed its purchase of the assets of ArcelorMittal USA last week, and US Steel exercised its option to buy the remaining stake in Arkansas-based Big River Steel on December 8th.
The US Domestic Cold Rolled Coil (CRC) rating rose $ 55 /piece to $ 1,055 /piece, and the Hot Dipped Galvanized Coil (HDG) rating increased $ 60 /piece to $ 1,070 /piece. CRC lead times remained unchanged at 8-9 weeks, while HDG lead times increased to 9-10 weeks from 8-9 weeks.
HRC import prices in Houston rose by $ 20 per piece to $ 820 per piece per day due to higher world prices. No deals were reported as long lead times and high prices discouraged many from trying to import.
