US hot rolled coil (HRC) spot prices were up this week as mills continued to push higher prices and the market slowed ahead of the Christmas holiday.
The Argus weekly domestic US HRC Midwest assessment rose by $12.75/st to $691.25/st, while the southern assessment increased by $6.50/st to $685/st.
HRC lead times in the Midwest widened to 3-6 weeks from 4-5 weeks.
Steel mills were broadly offering HRC between $660-700/st,with one reporting sales at $700/st.
Integrated steelmaker Cleveland-Cliffs continues to push for HRC to be priced at a minimum of $750/st after an announcement on 13 December.
The Argus HRC import assessment into Houston was flat at $680/st ddp on no trades.
The spread between #1 busheling scrap delivered US Midwest mills and HRC rose by 3.5pc to $377/st.
A year ago the spread was $1,131/st as HRC prices were plunging from record-high levels.
The Argus weekly domestic US cold-rolled coil (CRC) assessment increased by $18/st to $895/st, while the hot dipped galvanized (HDG) coil assessment fell by $8.75/st to $870/st.
Lead times for CRC fell to 5-6 weeks from 6 weeks while HDG lead times increased to 6-7 weeks from 6 weeks.
The CME HRC Midwest futures market rose by double digits in the last week, with the futures prices extending their contango streak. February prices jumped by $57/st to $808/st, while March prices rose by $50/st to $815/st. April prices jumped by $51/st to $825/st, and May prices rose by $50/st to $825/st. June prices increased by $53/st to $825/st, and July prices are at $825/st.
Plate
The Argus weekly domestic US ex-works plate assessment fell by $7.25/st to $1,454/st as the market continued to digest Nucor's $140/st price decrease from three weeks ago. Price offers were reported between $1,400-1,480/st.
Lead times fell to 4-5 weeks from 4-6 weeks.
The plate delivered assessment rose by $8.25/st to $1,503.25/st.
