The increase in spot bid prices by steel producers caused buyers to keep their purchases stable without any change in their contracts and hot rolled bid prices to increase. Factories are not in favor of ordering hot sheets.
The Midwest's HRC quotes range from $720-$800/st, while the South has lower bids. Hot rolled supply times in the Midwest increased from 4-6 weeks to 5-6 weeks.
Argus' weekly U.S. hot sheet rating rose $31.25/st to $781.25/st, while its southern rating rose to $21.25/st to $771.25/st. Cold sheet delivery times increased from 6 weeks to 7 weeks.
Galvanized sheet delivery times decreased from seven weeks to six weeks. The factories reported that they wanted to order more galvanized rolls as opposed to ordering hot sheets.
The CME HRC Midwest futures market down by double digits last week. March prices down by $14/st to $779/st, while April prices down by $24/st to $787/st. May prices down by $32/st to $787/st, while June 25$/st down to $790/st. Prices in July down by $34/st to $791/st, while August futures prices down by $32/st to $793/st.
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