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US hot rolled coil (HRC) prices fell for a fourth consecutive week and to its lowest level since mid-February as mills continue to offer material at lower prices.
The Argus weekly domestic US HRC Midwest and southern assessments dropped by $70/short ton (st) to $880/st on an ex-works basis.
US HRC prices have fallen by 27pc since the peak of $1,200/st in April.
A Midwest mill reported the market between $900-950/st, while most repeatable offers were at $880/st for both the Midwest and the south.
A southern buyer reported being offered 1,000st for $880/st and was waiting on a customer to confirm the order, while another buyer in the region was offered 500-1,000st for $960/st.
The weekly Argus US HRC lead time average fell to 2-4 weeks from 3-4 weeks as at least one mill was struggling to get out of June after losing some of its business to a competing steelmaker. Most other mills have closed out the month. Lead times have shrunk noticeably since a peak of 8-10 weeks at the end of March.
Service centers continue to hold off buying for stock and are only completing back-to-back deals with their customers.
The weekly Argus US HRC import price fell by $20/st to $745/st on a ddp Houston basis on lower indicated values. Some offers were heard as low as $700-785/st ddp Houston from South Korea and $900/st from countries with 25pc Section 232 tariffs on their imports.
Plate
The Argus weekly domestic US ex-works plate assessment was flat at $1,570/st as the market starts to hear about lower prices but no transactions or offers were confirmed.
Lead times extended to 6-7 weeks from 5-7 weeks, as late-July tons were less available and most mills moved into August.
The Argus US delivered plate assessment was flat at $1,600/st.
argusmedia
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