US hot-rolled (HRC) prices continued to rise on March 24 as purchasers begged mills for any remaining spot material.
HRC index marks a new all-time high almost daily
The daily Platts TSI US HRC index rose another $21.25 to $1,342.75/st as it continues to mark a new all-time high almost daily.
A service-center source said HRC was at a minimum of $1,320/st, but the price did not mean much as buyers cannot find any significant availability from mills. “You are picking little tons here and there,” added the source.
Steel shortage in the United States becomes more dramatic
In other respects, the situation in the United States does not seem to be getting any better. Customers are begging for breadcrumbs. Even end users are now bypassing service centers that have run out of material and turning directly to steelmakers. Some consumers have even had to stop production because there is no more steel available.
European market: Steel sections prices increase as mills raise offers
European domestic section prices rose in the week to March 24, as producers increased their offers following the rise in EU domestic scrap prices.
The European price for medium sections was assessed at Eur735/mt delivered on March 24, up Eur15/mt from the previous week.
“Mills in Europe expect scrap prices to rise in April, but I am a bit surprised because the international scrap price is falling sharply,” a source told Platts.
It must be noted, however, that there are very different regional indications of scrap price development. Particularly with regard to the USA, Mexico, but also parts of Asia, scrap prices are continuing to rise in some places.
Other sources also report some increases in section steel prices in Europe.
Source: spglobal.com
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