Prices of hot and cold rolled coil have taken a dive this week. HRC has decreased to $650-680/short ton from $700-720/st last week; CRC is now transacting in the range of $910-950/st, down from $950-1,000/st, Kallanish confirms.

Lower overall demand and uncertain market conditions caused by the United Auto Workers strike are two key factors in the decline, according to sheet market participants. One mill source says some coil customers may take advantage of the pricing pull-back and shift to an aggressive restocking posture.

"I suspect that HRC buyers sense we have already hit a price bottom and are ready to buy heavy now,” that producer explains.

When asked about the impact of the UAW strike on the sheet market, the source says: “I am curious how the tentative agreement between Ford and the Canadian Auto Workers will impact the US negotiations.”

In the equivalent week of 2022, HRC ranged from $790-820/st and CRC ranged from $1,190-1,200/st.

All prices are ex-works domestic mill.