Prices in the US HRC market have reached their lowest point since mid-February

US hot rolled coil (HRC) prices in the Midwest and southern regions have fallen for the fourth consecutive week, reaching the lowest level since mid-February. Mills are offering material at lower prices, leading to a drop of $70/short ton (st) to $880/st on an ex-works basis.

Overall, HRC prices have declined by 27% since reaching a peak of $1,200/st in April. Buyers in the market have reported offers ranging from $880/st to $960/st, while service centers are avoiding stock purchases and focusing on back-to-back deals with customers. Additionally, the import price for US HRC has also decreased, with offers as low as $700-785/st from South Korea and $900/st from countries facing a 25% Section 232 tariff on their imports.

The US ex-works plate assessment remained unchanged at $1,570/st. Although there were reports of lower prices, no confirmed transactions or offers were made. Lead times have extended to 6-7 weeks from the previous 5-7 weeks, as availability for late-July tons decreased and mills shifted their focus to August. The US delivered plate assessment also remained flat at $1,600/st.