Import prices for hot-rolled and cold-rolled coil in the US continued to jump higher on Tuesday. However, market sources confirmed offers were scattered, and securing a firm commitment was difficult as international prices continued to increase.
Hot-rolled coil import offers were hard to come by as some buyers noted earlier Turkish offers at prices near or above domestic prices on a delivered-duty paid basis into Houston. One trader said that offers out of Turkey between $490/st and the low $500s/st were already gone as there was limited allocation for US export. He said pricing was probably close to $530/st now on a loaded truck-basis in Houston.
A buyer said he had heard the possibility of Turkish HRC being offered around $530-$540/st delivered duty paid into Houston for August or September arrival. The prices would include the antidumping duty found against Turkish producers in a preliminary trade case. However, the buyer did not express much interest in imported material.
A service center source indicated he had some attractive HRC import offers out of Mexico, but was unable to purchase the material because the offers were pulled by the mill.
Platts increased its HRC imports assessment to $480-$510/st from $440-$480/st on Monday. Prices are on a CIF Houston basis.
Cold-rolled coil import offers were also higher, but price levels were fluid as the main exporting countries of Turkey and Vietnam continued to deal with higher spot market substrate costs. The trader said imported CRC available at $600/st would be a good number, but added that the spot market was closer to $640/st, mostly out of Vietnam on a loaded-truck basis.
However, a second trader said he was not seeing Vietnamese steel in the market.
"Vietnamese and Turkish [CRC] imports, mostly from rerollers, [are] at the mercy of the spot market for substrate," he said, which is leading to Turkish mills struggling with higher HRC costs. He said previous offers had been around $570/st for an "all-in" number, but that was no longer achievable.
"My guess is that domestic spot market leaps $100 per ton from where it is now," the trader said, with expectations of $800/st spot domestic CRC.
The buyer mentioned hearing of possible CRC being offered into Houston for October delivery around $570-$580/st on a delivered basis, but added he was unsure if that price was still available.
Platts increased its CRC import price to $580-$610/st from $540-$560/st on Monday. Prices are on a CIF Houston basis.
