Hot-rolled coil prices in the United States have fallen to a 12-week low due to mounting anxiety over the growing economic impact of the novel coronavirus (2019-nCoV) and a free fall in oil prices, Fastmarkets has learned.
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.58 per hundredweight ($571.60 per short ton) on Monday March 9, down by 5.4% from $30.21 per cwt on Friday March 6 and its lowest since the index stood at $28.38 per cwt in mid-December 2019.Inputs were received in a range from $27-31 per cwt, while hot-rolled lead times ranged from four to seven weeks.A non-transactional input was carried over within the producer sub-index at the primary pricing reporter's discretion.Heard in the market The continued spread...