US HRC – The CME indices have been under pressure for the past couple of weeks and that didn’t change with today’s numbers. The TSI marked HRC FOB mid-west mill at $605 per short ton, with Platts at $590, with the physical market agreeing that tonnage was changing hands at sub $600, despite recent attempts by mills to increase prices. The paper market was effectively closed, with the US celebrating its independence day, though the indices kick started a number of offers searching for any aggressive bids. Expect to see prices slide a little over Q3,4 in the face of the weak spot market, though there is good support in the first half of 2013 around $650 to further exaggerate the contango.
EUROPEAN HRC – A number of interests on the Furture market, with the July & August trading on at €524. Whilst the curve hasn’t changed, there are some more interests on the buy side coming into the market, though at lower levels, with the July and August trade testing the water on the upside.
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