US hot-rolled sheet pricing momentum appears to be slowing, though sources are divided as to whether that represents a pause or a slump, Kallanish reports.
Kallanish adjusted its hot-rolled range on Monday to $580-620/short ton, with cold-rolled holding at $780-800/st. All prices are ex-works, domestic mill.
“I am hearing and seeing softness,” says one Midwest buyer. “However, I would welcome some stability.”
He adds that his local hot-rolled market is hovering around $600/st, though it’s “...not a huge spread, but less than $600/st is attainable.”
A source at one top-tier mill confirmed that transactions seem to be floating around the $600/st mark, though $610-620/st is still being collected for a number of orders.
“With imports definitely going to be trending lower – both slabs and sheets – this feels like a market lull rather than the trend reversing back lower,” he says.