Hot rolled coil (HRC) prices in the US continue to rise due to strong demand and limited supply. Demand remains strong despite historically high price levels and continuous shutdowns in car production due to semiconductor shortages.
Argus' Weekly Hot Rolled Coil Price Index rose $ 64.25 /t over the week to $ 1,460 ex-works. At the same time, the deadlines for fulfilling rental orders were reduced to 6-8 weeks from 6-9 weeks.
Some stamping plants are reported to be operating at half their capacity due to downsizing.
The difference between bushel scrap supplied to mills in the US Midwest and selling prices for hot rolled steel rose 7.2% over the past week to $ 957.77 /t. The spread was more than four times higher than a year ago, when it was $ 227.45 per tonne.