Hot-rolled coil prices in the United States have fallen below $23 per hundredweight ($460 per short ton) amid pessimistic outlooks on both demand and ferrous scrap pricing following a surge in Covid-19 infections across the country, market participants said.
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.90 per cwt ($458 per ton) on Friday July 17, down by 2.2% from $23.41 per cwt on Thursday July 16 and down by 1.5% from $23.25 per cwt a week earlier on July 10. HRC prices last fell below $23 per cwt on April 30, when the index was calculated at $21.89 per cwt.Heard in the marketLead times were between four and seven weeks, according to sources...