US hot-rolled coil index slips below $24/cwt on demand, Covid-19 concerns

US hot-rolled coil prices have slipped modestly below $24 per hundredweight ($480 per short ton) on short lead times, expectations of lower scrap prices and fears of renewed shutdowns should Covid-19 infections in the South and West spiral out of control, sources said.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $23.90 per cwt ($478 per ton) on Thursday June 25, down by 1.8% from $24.33 per cwt on Wednesday June 24 and down by 4.1% from $24.92 per cwt a week ago on June 18.

Lead times range between two and seven weeks, although three to four weeks was more prevalent among the electric-arc furnace (EAF) producers that account...

Published

Michael Cowden

June 25, 2020

22:22 GMT

Pittsburgh