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(AMM) US hot-roll coil spot prices outracing SteelBenchmarker tags (UPDATE)

March 10, 2010 - 20:40 GMT Location: PITTSBURGH

KEYWORDS: band , hot roll , SteelBenchmarker

Hot-rolled band prices continue to forge gains around the globe, boosted by stronger demand and higher raw material costs, including scrap.

In the United States, hot band prices posted a seventh consecutive increase to $706 per tonne ($640 per short ton) f.o.b. mill, according to the latest SteelBenchmarker report, released Wednesday, up 5.4 percent from $670 per tonne ($608 per ton) two weeks earlier and 7.6 percent ahead of $656 per tonne ($595 per ton) a month ago.

SteelBenchmarker pegged shredded scrap at $367 per tonne delivered in the U.S. market, up 12.9 percent from $325 two weeks ago; No. 1 heavy melting scrap also rose 12.9 percent to $332 per tonne from $294; and No. 1 busheling scrap moved up 12.7 percent to $434 per tonne from $385.

However, SteelBenchmarker's flat-roll prices appear to lag what U.S. buyers are currently seeing in the market, according to an informal pricing survey by AMM, with most sources saying hot-roll coil is now fetching between...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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