05/12/2025 20:22:42 UTC | Market Commentary
Author Fast Webs<“>.> | EN

* Spot offers remain rangebound from Midwest mills
* Lower deals available for larger tons of HRC, HDG

US hot-rolled coil prices remained steady on May 12, as buyers were reluctant to build supply, citing subdued demand from end-users.
Platts assessed the daily TSI US HRC index at $895/st on an ex-works basis, unchanged from May 9.
A Midwest US-based service center source said offers from Midwest mills ranged at $900-$930/st EXW, depending on the Midwest mill.
Our demand is still showing signs of weakening, the source said, adding aggressive deals for larger tonnages of hot-dipped galvanized material were also available from some domestic producers closer to $1,000/st EXW.
A trader said tradable value was at an average of around $875/st EXW from Midwest mills for average quantities.
The trader also echoed the sentiment that demand remained sluggish.
I expect prices to trend lower in the short term due to weak demand, short lead times, [and] overcapacity in the market, the trader said, adding that uncertainties on US trade policy continued to factor into buyers’ reluctance to reenter the spot market.
Spot offer levels trended lower throughout the past week but remained rangebound at $900-$930/st EXW for average quantities. Some market participants reported spot offers at $900/st EXW and below from Southern mills and some Midwest mini-mills, noting that lowering scrap prices would lead to a further downtrend in prices.
Platts is part of S&P Global Commodity Insights.