سه شنبه, ۲۱ مرداد , ۱۳۹۹ 22 ذو الحجة 1441 Tuesday, 11 August , 2020 ساعت ×

US HRC price largely steady in quiet spot market

شناسه : 25223 ۲۹ تیر ۱۳۹۹ - ۱۸:۳۸ منبع : متال بولتن
The hot-rolled coil price in the United States was largely unchanged in a quiet spot market, sources said, pointing out that concerns on a resurgence in Covid-19 cases was stopping buyers from purchasing more steel.
US HRC price largely steady in quiet spot market
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The hot-rolled coil  ( ) price in the United States was largely unchanged in a quiet spot market, sources said, pointing out that concerns on a resurgence in Covid-19 cases was stopping buyers from purchasing more steel.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $23.56 per hundredweight ($471.20 per short ton) on Wednesday July 15, little changed from $23.47 per cwt on Tuesday and $23.53 per cwt one week earlier.

Market participants indicated mill lead times were between two and six weeks.

 

Heard in the market***

Inputs were received in a range of $22-25 per cwt, with the spread narrowing from $5 per cwt the previous day.

The lower end of the range represented offers for large orders (at least thousands of tons) or from electric-arc furnace (EAF) mills with short lead times, while the higher end represented offers from integrated mills.

Prices from EAF mills have been particularly under pressure due to a decline in July scrap prices, with scrap being the primary feedstock for EAF-based flat-rolled steel producers.

Sources are split about the market outlook.

Some sources indicated that the resurgence of Covid-19 cases across the US has made their customers increasingly hesitant to buy.

But others told Fastmarkets that the Covid-19 situation was unlikely to put another “pause” on the steel industry, since their business has remained busy.

Indeed, total daily carbon steel shipments increased by 8.2% sequentially in June, KeyBanc Capital Markets analyst Philip Gibbs said in a research note on Wednesday, citing data from the Metals Service Center Institute (MSCI).

But Gibbs also questioned the sustainability of such a recovery, since June shipments were still down by 23% year on year.

Second-quarter daily carbon steel shipments were down by 28.4% from the first quarter versus typical seasonality of a 1.5% increase, Gibbs added.

 

Quote of the day***

“[I am] very concerned about another plant shutdown [from my customers] because of Covid-19,” one Midwest service center source said. “Prices are down, [while] service centers

[are] trying to get any business they can get.”

Reference: metal bulletin

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