<article><p class="lead">US domestic hot rolled coil (HRC) spot prices increased as mills continue to try to push prices up.</p><p>The <i>Argus</i> weekly domestic US HRC Midwest assessment rose by $50/short ton (st) to $1,200/st, while the southern assessment rose by $29/st to $1,179/st.</p><p>One service center reported buying a few hundred tons of HRC in the Midwest at $1,200/st. </p><p>The HRC Midwest assessment has risen by 90pc since late-November, when it bottomed out around $630/st.</p><p>Integrated steelmaker Cleveland-Cliffs <a href="https://www.argusmedia.com/en/news/2435746-cliffs-raises-hrc-to-1300st?backToResults=true">raised its flat steel prices by $100/st</a> Monday morning, bringing its minimum HRC price to $1,300/st.</p><p>The market reacted tepidly to the announcement, which came three weeks after the last published price increase in the market. Sources reported that it was a step too far and spot inquiries have been drying up as the market works to figure out if a peak has been reached. Contract volumes remain relatively steady.</p><p>HRC Midwest lead times in the Midwest fell to 8-9 weeks from 8-10 weeks, with some mills said to be booking late-May and the rest into early June. </p><p>Contract discounts of 5-9pc to the current <i>Argus</i> Midwest HRC assessment would be the equivalent of $60-108/st.</p><p>The spread between #1 busheling scrap delivered US Midwest mills and HRC was up by 7.6pc to $709/st and was 16pc lower than a year ago, when US HRC prices were reaching their peak in March and April.</p><p>The <i>Argus</i> HRC import assessment into Houston fell by $13/st to $987/st.</p><p>The <i>Argus</i> weekly domestic US cold rolled coil (CRC) rose by $35.20/st to $1,385.20/st, while the hot dipped galvanized (HDG) coil assessment rose by $11.39/st to $1,361.39/st. The increases reflect the $200/st spread US steelmakers are trying to receive and the average low offer price reported in the market.</p><p>Offer ranges for CRC were from $1,315-1,450/st, with most in the $1,360-1,400 range, while HDG was in a wider $1,260-1,450 range, with most in a similar $1,360-1,400 band.</p><p>Lead times for CRC and HDG were both down to 8-9 weeks from 9-10 weeks.</p><p>The CME HRC Midwest futures market was down in the last week, with the market falling fully into backwardation. May prices dropped by $49/st to $1,105/st, while June futures prices fell by $39/st to $1,006/st. July prices edged down $10/st to $935/st, while August futures were down by $2/st to $900/st. September prices dropped by $16/st to $880/st, while October prices were down by $1/st to $864/st.</p><h3>Plate</h3><p>The <i>Argus</i> weekly domestic US ex-works plate assessment was flat at $1,535/st. The market continues to wait to see what electric arc furnace (EAF) platemaker Nucor will do next with its June pricing.</p><p>Lead times slipped to 9-10 weeks from 10 weeks as May is reportedly booked up and the market waits for June books to open up.</p><p>The plate delivered assessment was flat at $1,600/st.</p></article>