06/04/2025 16:47:04 ET|Market Commentary
AuthorAlexandra Szczupak<“>.>|EN
Steel
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* HRC lead times shrink, prices tick up
* Plate lead times shorten

Average US mills lead times in the week ended June 4 mostly shortened as subdued spot activity persisted across multiple finished-steel products. However, some Midwest mills started to see a pickup in buying activity following tariff increases on steel imports.
The average mill lead time for HRC shortened to 4.8 weeks from 5.2. Platts, part of S&P Global Commodity Insights, assessed the daily TSI US HRC index at $845/st, up $5/st on the day but down $15/st on the week.
A trader said tradable value for HRC was in a range of $840-$870/st EXW from Midwest mills with lead times at three to four weeks.
The source said that spot activity remained subdued with many unwilling to reenter the spot market unless for back-to-back sales. In addition, he said multiple Midwest mini-mills still had June spot tons for HRC.
Hot-dipped galvanized offers were at $1,020-$1,040/st EXW from Midwest mills with lead times in mid July.
A Midwest integrated mill reported HRC offers at $880-$900/st EXW and CRC offers at $1,100/st EXW.
June is sold out everywhere, and we are quoting between early July and end of July on certain items, with a couple now in early August, the source said.
The mill source said there had been a flurry in activity, with customers cancelling imports and turning more toward domestic supply.
The average US mill lead time for HDG products shrank to 6.3 weeks from 6.5, while the daily Platts TSI US HDG index for the hot-rolled substrate was unchanged on the day but down $10/st on the week $1,000/st. The cold-rolled substrate was also assessed steady on the day but down $10/st on the week at $1,020/st.
Average lead times for CRC were steady at seven weeks, with the daily Platts TSI US CRC index assessed at $1,090/st, down $10/st on the day and on the week
Average plate mill lead times shortened to five weeks from 5.3. Platts assessed the daily TSI US plate index at $1,200/st on a delivered basis, unchanged on the day but down $40/st week over week.
Plate buy-side sources said mill lead times were in the four- to five-week range.
The reality is that plate mills are not busy, a trader said who noted that mill lead times were at around four weeks from one Midwest mini-mill.
A Midwest service center source said that despite muted activity, domestic mills were trying to hold the line on service-center stock pricing but will come down on project tons.