Steel Pail Raw Material Price Information: US Hot Coil Market Transaction Is Not Good

Today, the price of hot-rolled coil in the Midwest of the United States fell to US$710/short ton EXW (US$782/ton). The current market demand is not high. The price of hot-rolled coil is expected to show an upward trend in early 2025. Some customers have begun to order resources in early 2025, and the delivery cycle is about three weeks. The price of hot-rolled coil in the southern United States is stable at US$720/short ton (US$794/ton), up 0.36% week-on-week, and the spot market transaction is light. There are many reasons for the slow transaction. One is that steel mills hold prices, and the other is the decline in demand. Coupled with the US presidential election, there are strong uncertainties in the market, which has a certain impact on market transactions. If Trump is elected, he will impose tariffs on all products from Mexico. In addition, Trump said at a rally in North Carolina in August this year that he would impose a 10-20% tariff on all imported goods entering the United States, and the intensity of increasing tariffs will be much greater accordingly. If Harris wins the election, it may have a completely different result for the future of the steel industry. On the import side, HRC prices range from $660-680/short ton ($728/t - $750/t). Most hot-rolled coils come from South Korea, but compared to domestic prices, they do not have much competitive advantage.