US steel prices fall to December 2020 levels
Weekly valuation of Argus HRC domestically in the US is down $60/t to $940/t.
The price of HRC in the US Midwest has fallen by 37% since peaking at $1,500/t in the first half of April.
HRC delivery times in the Midwest were unchanged at 3-4 weeks, with buyers keeping their spot purchases to a minimum.
Demand appears to be holding steady, although backorders are reportedly being eliminated and some service centers are concerned about future business.
Others believe that economic fears of a possible recession may be exaggerated, but no one has noticed any positive demand trends other than the energy industry.
But even that industry could soon come under pressure as West Texas Intermediate Fob Houtson is down 13% from its peak in early March.
Houston import prices for hot-rolled steel remained unchanged at $900 per tonne. Iron prices in the port of New Orleans fell to $630 per ton, approaching pre-conflict levels.
The price of cold-rolled steel (CRC) in the US domestic market fell to $1,440 per ton. Hot-rolled steel plates fell in price to $1,852 per ton. At the same time, the lead time for an order for sheet steel has increased significantly to 9 weeks.