Prices for hot-rolled coil in the US are rising despite the lack of demand before the holidays
U.S. steel mills offered HRC at $660-$700 a ton last week, with one reporting sales at $700 a ton.
Integrated steelmaker Cleveland-Cliffs continues to insist to a tonne of HRC at a minimum of $750.
Argus' HRC import estimate for Houston remained unchanged at $680/tonne/day with no transactions.
Spread #1 between scrap in bushels delivered from US Midwest mills and HRC rose 3.5% to $377/t.
A year ago, the spread was $1,131 apiece as hot-rolled steel prices fell from a record high.
Argus U.S. weekly valuation of cold rolled coil (CRC) is up $18/t to $895/t, while hot dip galvanized (HDG) coil is down $18/t. USD 8.75 per ton to USD 870 per ton.
Lead time CRC lead times have been reduced to 5-6 weeks from 6 weeks, and HDG lead times have increased from 6 to 6-7 weeks.