While the US flat-rolled and plate import markets remained mostly quiet over the past two weeks, an increased number of low-priced hot-rolled coil offers were heard from overseas suppliers, reflecting expectations of continued softness in the domestic steel market.
Hot band prices in the United States have fallen sharply because of a lack of demand, with major downstream steel consuming sectors - including the automotive, agriculture and energy segments - showing increased weakness. Meanwhile, lead times have shrunk to as little as one to two weeks at certain mills, and a series of planned maintenance outages at domestic mills are not expected to support the market, barring a demand uptick, sources said.Looking forward, market participants anticipate domestic HRC prices will continue to fall, potentially at a faster rate - as happened in late June and early July. Given the negative outlook for the US market, few sources expressed much interest in foreign products, with the exception of materials offered from Canada and Mexico, both of which are no longer...