Hot-rolled coil prices in the United States have surpassed $45 per hundredweight ($900 per ton) for the first time in nearly 10 years, with sources citing higher quotes from some mills.
American Metal Market's hot-rolled coil index rose to $45.52 per cwt on Thursday June 14, up 1.5% from $44.85 per cwt previously and a 54.3% gain from $29.50 per cwt a year ago.This marks the highest level since reaching $46.50 per cwt in mid-October 2008, according to American Metal Market's pricing records.The gains come because some mills that had been quoting hot-rolled coil at $45-46 per cwt have nudged that number up to as high as $46.50 per cwt, sources said.Lead times are approximately six to eight weeks, they said.Pay to playComparisons to 2008 pricing levels have spooked some market participants, who fear that US prices have risen too far and too fast, and might be poised for a correction."A couple of customers have said they are going to be short on inventory rather than risk riding this down," one industry source said.Other sources dismissed such concerns, noting that...