HR sheet outlook split, prices dip

Jun 27, 2014 | 04:01 PM | Michael Cowden

Tags  steel prices, lead times, hot-rolled sheet, cold-rolled coil, plate, oil country tubular goods, OCTG, Michael Cowden

CHICAGO — Hot-rolled sheet prices edged down this past week, but some market sources noted an increasingly divergent pattern developing in the Midwest and closer to the coasts.

AMM’s hot-rolled coil price fell to $33.25 per hundredweight ($665 per ton) from $33.50 per cwt ($670 per ton) previously, while cold-rolled sheet held at $39.75 per cwt ($795 per ton).

Some market sources reported being able to negotiate prices as low as $33 per cwt ($660 per ton) for orders of roughly 1,000 tons or more, while others said $33.50 was available for buys of just a few hundred tons. Lead times were generally said to be between late July and August, depending on the mill.

The downward drift was attributed largely to the traditionally slower summer months, increased domestic output and import competition, market sources said. Demand was said to be steady to off slightly, but not below expectations a week ahead of Independence Day.....

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