US hot and cold rolled coil prices continue their decreases for a ninth consecutive week, Kallanish reports.

Prices for domestically produced HRC are now within a range of $650-700/short ton, down from last week's range of $690-710/st. CRC pricing has weakened to $1,000-1,050/st, from $1,050-1,090/st.

“Nucor lowered its consumer spot prices for HRC this week because it is balancing its order book," a midwestern distributor says. "We are seeing much lower prices. Everyone does what they need to do to book orders."

A coil consumer says the latest mill prices represent double-digit dollar reductions on a short-ton basis.

“Yes, hot rolled coil and hot dipped galvanised prices are both down,” says the coil consumer. 

One mill source is experiencing different circumstances but agrees there will be a slowdown later in the summer. 

“Our spot HRC transactions for August, we are mostly booked for July, have been slow, but not a problem, and sort of what we expect as we are quoting higher than some others,” that producer says. 

The same source notes that a strike at a Mexican facility may offer US mills new opportunities. Mining union workers have forced a shutdown at ArcelorMittal's (AM) Lazaro Cardenas steel mill. The company has publicly acknowledged lost productivity due to the union blockading the mill and mine (see Kallanish 5 June).

“We have seen the AM-Lazaro Cardenas strike create some export opportunities into Mexico,” says the mill source. 

In the equivalent week of 2023, US spot prices for HRC were $890-950/st, and CRC prices were $1,190-1,250/st.

All prices are ex-works domestic mill.