US hot-rolled coil prices resumed their upward march on a supply squeeze that could intensify as materially normally sourced from mills in Canada and Mexico leaves the domestic market, industry sources said.
American Metal Market's hot-rolled coil index stands at $45.78 per hundredweight ($915.60 per ton), up 0.6% from $45.52 per cwt previously and up 4% from $44.03 per cwt at the beginning of the month - when the US unexpectedly hit Canada, Mexico and the European Union with Section 232 tariffs, 25% in the case of steel.Prices are also up 52.6% from $30 per cwt a year ago and at their highest point since October 2008, when the assessment touched $46.50 per cwt - a number that US mills now are targeting once again.Lead times are in a wide range between four and nine weeks, sources said.Deals were still available at $45 per cwt over the last week, but mills...