Hot-rolled coil prices in the United States have moved above $25 per hundredweight ($500 per short ton) for the first time in more than seven weeks on expectations of higher scrap costs and cautious optimism about improving demand.
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.21 per cwt ($504.20 per ton) on Thursday May 28, up by 1.6% from $24.82 per cwt on Wednesday May 27 and up by 1.1% from $24.93 per cwt a week ago on May 21.Thursday's HRC price was also up by 15.2% from a four-year low of $21.89 per cwt at the end of April and marks the first time the index has ended the day above $25 per cwt since April 6, according to...