Hot-rolled coil prices in the United States have retreated to a six-month low, with buyers sitting on the sidelines in fear of further declines while some mills warn that prices might already be at or near bottom.
American Metal Market's hot-rolled coil index moved to $41.54 per hundredweight ($830.80 per short ton) on Thursday September 13, down by 1.7% from $42.27 per cwt previously and off 9.4% from a nearly 10-year peak of $45.84 per cwt in early July.Hot band prices are roughly on par with the $41.56-per-cwt level recorded in mid-March in the immediate aftermath of President Donald Trump signing off on the 25% Section 232 tariff versus imported steel.Lead times are averaging about three to five weeks, market participants said.Mind the spreadThere is a wide spread in mill prices, with certain mini-mills and slab converters as low as $40 per cwt - and perhaps lower for large buys - while some integrated mills are trying to hold the line at nearly $45 per cwt."It's as wide a disparity as I've seen in a long time," one Midwest service center source said.Integrated mills' higher prices have made it difficult for...