The Platts price assessments for US-made hot-rolled and cold-rolled coil both increased $10/st Friday — based on deals, firm bids and offers — according to participants active in the market, but pockets of buyer resistance started to emerge.
As such, the assessment for US-made hot-rolled coil settled squarely at $800/st ex-works Indiana, reflecting a trading range of $790-810/st for a typical spot order of 1,000-2,000 st. Several buyers indicated reluctance to purchase at $840-850/st ex-works, which were the asking prices from most major mills for March deliveries.
Cold-rolled coil was priced $105/st higher than HRC, trading at a midpoint of $905/st ex-works Indiana, and showing a somewhat firmer market than HRC, but still $40-50/st shy of most mill offers.
“I think the mills have become hoggish now,” a big end-user in the Chicago area said. “We don't need [HRC] steel again until April or May, but I’ve been inquiring and most mills will sell at $800-820/st right now. ArcelorMittal USA still has not opened its April spot order book.”