Hot-rolled coil prices in the United States have fallen for a sixth week in a row amid shorter mill lead times, with some buyers remaining on the sidelines in fear of further declines, market participants said.
American Metal Market's hot-rolled coil index moved to $42.27 per hundredweight ($845.40 per ton) on Thursday September 6, down about 1% from $42.68 per cwt previously and 7.8% below this year's peak of $45.84 per cwt in early July.Lead times are averaging three to six weeks, market participants said.Some mills are trying to hold the line at or slightly below $44 per cwt. But others - including some Midwest mini-mills - are following the market down, sources said. Buyers thus might fetch $43 per cwt for 100-200 tons and $41-41.50 per cwt for 1,000-2,000 tons, market participants said.While some sources said prices would continue to fall, others said that the trend of lower prices might soon end because of increased post-Labor Day activity, low customer inventories and decreased imports. Prices could shoot higher if mills sense an inflection point and announce increases, some added.The case for lower prices"My concern is there doesn't seem...