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US HRC prices continue on uptrend amid limited availability

Tuesday, 20 October 2020

US hot-rolled coil prices moved higher Oct. 20 as mills started testing higher levels amid limited availability.

The daily S&P Global Platts TSI US HRC index was up $2 to $655/st.

The majority of the domestic mills were able to stretch their lead times into 2021 amid rising demand.

With limited spot availability left, most mills started quoting new inquiries at higher levels.

“Most mills are into January already and they are not rushing to book tons that far ahead, thinking waiting will be in their favor at this point,” a Midwest service center said.

“Mills are riding the wave and it seems like that will last a while.”

The market for HRC was at $660-$680 and one mill was even testing higher levels, according to the service center source.

Another service center source echoed the firm market outlook: “The mills are digging in on a number of issues this year, and with lead times as far out as they are, they will have that leverage in their back pockets for the foreseeable future.”

A mini-mill source, meanwhile, put the HRC market at $680, adding that their lead times have extended into 2021 with steady demand.

Another service center source also confirmed that multiple southern mills were at that level.

The combined Platts TSI price index uses a volume-weighted-average calculation – according to TSI's standard – to determine value on an ex-works Indiana basis.

-- Ali Oktay

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