HRC Prices Decline for First Time Since September, Signaling Potential Peak as Steel Market Dynamics Shift
• HRC prices saw first week-over-week decrease since September, signaling potential peak • Market experienced backwardation, with futures trading below spot prices • Capacity utilization rate increased to 76.9% in early January
• Cleveland-Cliffs announced $50/net ton price hike for HRC, CRC, and HDG • AM/NS Calvert expansion anticipated in H2 2024, adding 1.5 million metric tons of steel slab capacity