Prices for hot rolled coil slid down to $940-$1,000/short ton as cold rolled coil maintained its pricing at $1,250-1,300/st, service centre and mill sources confirm to Kallanish.

“I know there is excess inventory now with all the Canadian and Mexican coil coming in,” a service-centre source shares as a potential explanation for some of the price decrease.

One well-placed sheet source in the east observes: “A certain mill is trying to avoid turning off a blast furnace and people trying to gain their share of the market will not give in. This is placing more pressure on HRC prices than downstream.” The source adds: “I do not agree with whoever is saying $900 is the floor. They are fishing or making up prices.”

A service centre operator says: “Buyers have very little trust in pricing and current market conditions. Price fluctuations confuse most buyers so they buy only what they need now. Few manufacturers are building finished products for future releases.”

In the equivalent week in 2022, prices of hot rolled coil ranged from $1,200-1,300/st and cold rolled prices were at $1,725-1,800/st.

All prices are ex works domestic mill.