In the current week, the HRC price is $870-900 per short ton

In the US, hot rolled coil (HRC) prices have risen to $870-900 per short tonne this week, compared to last week, when the range was $850-900/ton. Prices for cold-rolled coils remain stable in the range of $1050-1100 per short ton, Kallanish reports.

According to one source, mills have stocks of coils for January next year, and buyers are relatively comfortable, so the price of January rolled products at $950 is competitive in the market.

Distributors believe that if the mills continue to manage prices and keep production low, they will be able to secure high prices.

In the equivalent week of 2022, HRC prices ranged from $665-690/t, and CRC prices – from $945-960/t.

Last week, according to Argus.Media, US steelmakers Nucor and US Steel raised their minimum prices for hot rolled steel to $950 per short tonne after their competitor Cleveland-Cliffs raised them to $1000 per tonne.

Buyers were skeptical of Cliffs’ move, and were generally more supportive of the lower levels of Nucor and US Steel offers. However, some sources questioned the two steel companies’ decision not to price match Cleveland-Cliffs.

Resale prices are rising, although not at the pace announced by the steel mills. Many service centers report that material is coming in now or will be available in the coming weeks, as a result of large purchases made 1-2 months ago and cheaper contract tonnage.

More contracts have been signed in the last few weeks, allowing some service centers to start estimating their volumes for January. Most believe they will complete their current contracts within the next few weeks.

In the US market, lead times also decreased from 8.7 to 7.6 weeks.

As GMK Center reported earlier, Italian steel distributors are fighting for price increase on the HRC. Taking into account the European trade measures on imported products, sales volumes of locally produced hot-rolled coils will increase in the coming months, Assofermet said.