US hot rolled coil (HRC) prices fell below $1,000/short ton (st) for the first time since February due to shorter lead times and decreased mill orders.
US HRC prices have dropped by 18% since reaching a peak in April. Mill offers ranged between $980-1,020/st, with some offers as low as $900/st.
Despite discussions of larger orders at lower prices, buying activity was limited during the Memorial Day holiday.
The average lead time for US HRC decreased to 2-4 weeks from a peak of 8-10 weeks in March. While spot prices weakened, the CME US HRC forward curve also declined for the rest of the year.
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