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US hot rolled coil (HRC) spot prices moved down as the market remained quiet due to the Christmas holiday.
The Argus weekly domestic US HRC Midwest assessment fell by $8/st to $683.25/st, while the southern assessment dropped by $15/st to $670/st.
Offers were reported in a wide range between $620-750/st, with steelmaker Cleveland-Cliffs in the $750/st range.
At least one steelmaker reported sales at $700/st.
HRC lead times in the Midwest fell to 3-4 weeks from 3-6 weeks.
The Argus HRC import assessment into Houston was flat at $680/st ddp on no trades.
The spread between #1 busheling scrap delivered US Midwest mills and HRC fell by 2.1pc to $369/st.
A year ago the spread was $1,099/st as HRC prices were plunging from record-high levels.
The Argus weekly domestic US cold-rolled coil (CRC) assessment increased by $10/st to $905/st, while the hot dipped galvanized (HDG) coil assessment jumped by $35/st to $905/st.
Steel mills have held prices at higher levels and refuse to back off.
Lead times for CRC were flat at 5-6 weeks while HDG lead times fell to 6 weeks from 6-7 weeks.
The CME HRC Midwest futures market fell in the last week, with the futures prices remaining in contango. February prices fell by $19/st to $789/st, while March prices declined by $15/st to $800/st. April and May prices both dropped by $25/st to $800/st. June prices fell by $22/st to $803/st, and July prices declined by $23/st to $802/st.
Plate
The Argus weekly domestic US ex-works plate assessment edged up by $1/st to $1,455/st.
Lead times fell to four weeks from 4-5 weeks.
The plate delivered assessment edged up by $1.75/st to $1,505/st.
argusmedia
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