USA HRC Spot Prices Touch $1,200/ton
Some limited spot transactions for hot-rolled coil have taken place at $1,200 per ton in recent days according to market participants, but most still peg the average HRC spot price at around $1,195/ton for a typical size order. Several tell WSD that deals are being made above and below that mark, depending on the mill, and still against a backdrop of tight availability.
Most mills—if they are taking spot orders at all—are now well into their October order book. One mill sales rep told WSD that they had a rush of HRC spot orders in recent days, amounting to “10 times” the normal weekly activity. The base spot price averaged across all the tons ordered was about $1,195/ton.
Cold-rolled orders were brisk as well, but more in line with usual activity levels, the mill sales rep noted, adding that CRC was booked at a base spot price of $1,395 per ton.
Meanwhile, market sentiment remains positive, based on HRC futures trading on the CME. Some trading positions also now extend to contracts more than a year away. Case in point: one lot of 20 tons for September 2027 opened Thursday at $1,050/ton.
A development that could affect the North American steel supply situation is the ongoing trade talks between the US and Canadian governments, which resumed Thursday afternoon in Washington, according to media reports. Although details are still sketchy, word is the two countries are aiming to hammer out a final, definitive agreement soon. President Trump, late Tuesday, decided to delay the imposition of new 50% tariffs across a range of Canadian products.