As a whole, U.S. flat rolled steel prices appeared bearish,
accelerating declines throughout June. HRC prices fell nearly 9%, their most
significant month-over-month drop since February. CRC and HDG prices saw
respective 6% declines, while plate prices fell 4%.
Bearish
Steel Prices Search for New Bottoms
Steel prices remain in search of new bottoms as the market appears
increasingly soft. As of June 13, hot rolled coil prices managed to hit their
lowest level since October 2023 amid reports of slow demand conditions. Mills
reportedly held back on scrap orders, leading some to speculate that June could
also see a drop in scrap prices.
Last quarter, mills reported variable performances. While Nucor
and SDI saw a pickup in demand from Q4 2023 to Q1 2024, shipments from Cliffs
and U.S. Steel declined. All four of these mills saw shipments decline year
over year. By the start of Q2, mills were warning markets that impending
maintenance outages could substantially tighten domestic supply. However, those
warnings offered only temporary support to prices in early April before the
downtrend resumed.
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