US hot-dipped galvanized (HDG) coil and cold-rolled coil (CRC) prices have increased due to higher prices locked in by mills. HDG prices rose by $70/short ton to $1,120/st, the second increase in three weeks. Coated products remain the tightest, with lead times flat at 9.5 weeks. CRC prices rose by $50/st to $1,100/st, with smaller purchases reported at that level for 150st, other mills reported selling 200-300st at $1,150-1,160/st. Cold-rolled lead times fell to 9.1 weeks from 9.5 weeks.
US HRC prices rose for a fourth consecutive week as mills received higher prices from buyers and supply remained tight. Prices in the Midwest and southern rose by $50/short ton to $900/st ex-works from the prior week, now up by $240/st or 34pc from September lows. Prices remain 25pc lower than the 2023 peak of $1,200/st in April. Steel producers and buyers reported selling and buying at $900/st, with offers broadly at that price point. Longer lead times continue to crimp supply, with most reported mill lead times pushing into January.
Buyers are confident the mills will have no problem booking January, though sentiment is fuzzier beyond that point. Cleveland-Cliffs' publication of its HRC spot prices $100/st higher to $1,000/st surprised many in the market. Higher domestic pricing is also pushing import prices up, with HRC import rising by $46/st to $786/st ddp Houston.
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