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    January 16, 2014

    Hot Rolled Futures: Under Pressure

    Written by Andre Marshall

    Financial Markets:

    The equities markets have stabilized after their reaction to the poor jobs number in December last week. The S+P closed at 1836 today, exactly 3 points higher than where I reported it last week. We are likely headed higher as it will take a lot more than a poor jobs report to scare the equity buyers away. They’re a committed bunch! We will bounce off resistance at 1840 possibly before heading higher to 1900.

    Andre Marshall

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    Latest in Prices

    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    Nucor increases spot HR to $1,240/ton

    Nucor said on Monday, Oct. 12, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,240 per short ton (st) this week, a $10/st increase from a week earlier. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,305/st, up $15/st from the prior week. Nucor is still offering lead times of three to five weeks, according to the letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 6, showing HR coil prices averaging $1,270/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 13.