Hot-rolled coil prices in the United States fell for a second day after breaching $90 per hundredweight ($1,800 per short ton) for the first time, with scarce spot availability projected to extend the rally, market participants said.
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $89.06 per hundredweight ($1,781.20 per short ton) on Friday July 9, down 0.46% from $89.47 per cwt on Thursday but up 1.50% from $87.74 per cwt on July 2. The index reached $90.58 per cwt on Wednesday July 7, the highest since Fastmarkets started assessing the market in 1960. Inputs were received across all three...