US sheet steel mills continue to quote hot-rolled coil prices at around $660/st, but buyers have taken a break from placing spot orders, market sources said Thursday.
A service center source said that "asking prices" from his suppliers have been at $660/st and galvanized substrate prices have been steady at $860/st. He has not purchased any steel at those levels though. "It does feel the market may be hitting the pause button here," he said.
The $660/st price for HRC is a minimum price for spot, a mill source said. Lead times are extended, and he said he does not have to be flexible on the price. The mill source said a customer bid more than 1,000 st at $650/st this week, and he turned down the order.
The market is wavering, and buyers have been unmotivated to place orders, according to another mill source. The mill's cold-rolled coil pricing has been steady at $860/st, though orders have been light.
There is a bit more of a range in galvanized sheet prices, depending on the gauge and coating extras. "To be competitive on those products you have to be competitive on the base price," he said. The full range of galvanized sheet prices is $840-$880/st, he said.
On Thursday, S&P Global Platts held its daily HRC and CRC assessment flat at $650-$670/st and $850-$870/st, respectively. Both assessments are normalized to an ex-works basis.
