US HRC index falls; Section 232 deal with EU debated

Hot-rolled coil prices in the United States fell on Tuesday November 2, with the impact of a Section 232 tariff agreement with the European Union hotly debated.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US ended the day at $93.83 per hundredweight ($1,876.60 per ton), down by 0.89% from $94.67 per cwt on Monday November 1 and down by 1.68% from $95.43 per cwt a week ago.

Fresh inputs were received in a range of $93-95 per cwt across all three sub-indices, including offers, deals and assessments of market prices. Data points in the distributor sub-index were excluded from the calculation at the price reporter's discretion because they fell outside of the index's geographical footprint.

Heard in the market
The weekend agreement with the European Union concerning Section 232 tariffs still dominated the conversation on November 2, but few saw drastic changes on US domestic pricing as a result.

Still, Fastmarkets' index fell into the $93-per-cwt range for only the second time in recent months, and that price level is becoming more common, according to sources.

Some also reported slowing demand, with end users waiting to purchase material in a lower price environment ahead of the traditionally slower year-end period.

Quote of the day
"I believe it is way too early for anyone to speak on the impact of the 232 regulations, for much has to be sorted on what is qualified," one distributor said.

Thorsten Schier

tschier@fastmarkets.com

Published

Thorsten Schier

November 02, 2021

22:11 GMT

New York