Hot-rolled coil prices in the United States extended their new year's rally, establishing a new 12 1/2-year high and derailing the prior idea that the first quarter will deliver pricing and volume relief to America's steel-consuming industries.
Fastmarkets' daily steel hot-rolled coil index was calculated at $55.72 per hundredweight ($1,114.40 per short ton) on Tuesday January 12, an increase of 2.3% from $54.49 per cwt on Monday January 11 and a leap of 10.5% from $50.42 per cwt a week earlier on January 5. Inputs were received in a range of $53.00-57.50 per cwt in the distributor and consumer sub-indices, representing deals, mill offers and assessments of current price levels. Two inputs - both deals - were carried over from the producer sub-index due to a...