US flat rolled steel prices have continued to soften since our last report a week ago.
Current HRC prices are down by another $3.00 cwt. ($66/mt or $60/nt) since our last report a week ago and are now being heard at roughly $43-$45 cwt. ($948-$992/mt or $860-$900/mt) FOB mill.
CRC and HDG prices, on the other hand, have managed to hold stable. This week’s prices for both products are still being heard at approximately $58.50-$60.50 cwt. ($1,290-$1,334/mt or $1,170-$1,210/nt) FOB mill. However, all sources believe that prices for these products is likely to soften in the upcoming weeks.
Similar to last week, deals below these ranges continue to be heard within the marketplace based on tonnage.
Source also say that still-short lead times, which in some cases are as short as 3 weeks for HRC, and 5 weeks for CRC and HDG, is a strong indicator that the market still has “a bit more softening to endure before this cycle bottoms out.”