US hot rolled coil (HRC) prices increased slightly due to higher mill offers, despite low trading activity during the 4 July holiday. The weekly domestic HRC assessments rose by $20/short ton (st) to $840/st.
HRC prices are still down by 30% since reaching a peak of $1,200/st in April. Buyers received offers ranging from $840-880/st, but the market remained quiet. One mill sold at $900-950/st, similar to other reported offers.
HRC lead times were short, discouraging spot market purchases. The average lead time increased to 4-5 weeks. Some service centers reduced contract buying and US automakers halted production temporarily. The weekly HRC import price rose by $60/st to $760/st, matching offers from South Korea for September and October.
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