Hot-rolled coil prices in the United States are up for the fourth week in a row on uncertainty over whether President Donald Trump will extend Section 232 exemptions for Canada, Mexico and the European Union beyond a June 1 deadline.
American Metal Market's hot-rolled coil index stands at $44.26 per hundredweight ($885.20 per ton), up 0.7% from $43.96 per cwt the previous week and up 2.4% from $43.21 per cwt at the start of the month.Hot band prices are also up 35.6% from $32.63 per cwt at the beginning of the year, according to American Metal Market's Price Tracker."A lot of the big service center chains are scared to death of the higher prices," a West Coast distributor said. With prices approaching their highest point in a decade, many buyers feel that there is more risk of prices falling - and their inventories losing value - than of their raw material costs rising further.Lead times average between four and eight weeks. While lead times at some mills have slipped, they are longer at others experiencing production or quality issues, sources said.June 1: deadline...