In the first week of July, US hot-rolled coil prices broke through the 900 USD/short ton (st) barrier, falling to levels not seen since early December 2020, when the covid-19 pandemic induced lows in mid-2020. Buyers kept spot purchases to a minimum and some even reduced below contract minimums. It is expected that falling raw material costs will put even more downward pressure on finished steel prices. Several prime scrap markets have settled down to 150 USD/gross ton (gt) in the ongoing July trade.
As supply of semi-finished steel and raw materials are curtailed due to the crisis between Russia and Ukraine, the US flat-rolled steel market has become increasingly bullish in March, implying that prices will climb.
US HRC prices increased astronomically in the first week of March as steel producers pressed their advantage and buyers raced in to book tonnes as raw material costs increased dramatically as the Russia-Ukraine conflict continued to reverberate throughout the US market. US HRC Midwest assessment jumped by 132.50 USD/st, to 1,155 USD/st, while the southern HRC assessment rose by 128 USD/st to 1,150 USD/st.
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Hot rolled coil is basically a moulded form of steel. It basically includes a mill process which involves rolling of steel at a high temperature (generally at a temperature over 1700° F), which is above the steel's recrystallisation temperature. When steel is above its recrystallisation temperature, Hot rolled coil is formed, and thus, given this shape. It is often utilised in the manufacturing of staircases. Further, it can be embossed with different patterns such as the teardrop pattern to impart excellent anti-slip properties to the product.
In metalworking, rolling is a metal forming method in which metal stock is passed through one or more pairs of rolls to decrease its thickness and to make it uniform. The rolling process is known as hot rolling if the temperature at which the metal is being rolled is above its recrystallisation point. Thus, during the hot rolling of steel, it is transformed into coil a shaped product upon reaching above its recrystallisation point, thus, resulting in the formation of Hot Rolled Coil.
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The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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