US hot-rolled coil prices have crashed below $23 per hundredweight ($460 per short ton) despite some mills trying to lift prices in tandem with an expected increase in scrap costs in May.
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.63 per cwt ($452.60 per ton) on Tuesday April 28, down by 1.7% from $23.03 per cwt on Monday April 27 and down by 4.8% from $23.76 per cwt a week earlier on April 21.Hot-rolled coil prices now stand at their lowest since they were assessed at $22.50 per cwt in early April of 2016 - more than four years ago.Heard in the...