US flat-rolled steel prices showed lingering softness Thursday, as buyers reported their offers continued to slide.
The Platts TSI US cold-rolled coil assessment was calculated at $787.75/st ex-works Indiana Thursday, down $2.50 day on day, while the daily Platts TSI US HRC assessment was calculated at $598.75/st ex-works Indiana, down 25 cents day on day.
The combined Platts TSI price indices use a volume-weighted average calculation -- according to TSI's standard -- to determine value on an ex-works Indiana basis.
A service center source said he was beginning to see hot-rolled coil spot prices falling below $600/st, with expectations that large buyers could likely book at closer to $560/st.
"It is the correct time of year for this," he said. "The mills want to fill up their books and close out 2017, so they are making some deals."
Another service center source said he's seen his offer price on HRC drop $20/st in the course of the last week.
"It has gotten a little worse in the past week," he said.
Buy-side sources indicated they were seeing cold-rolled coil offers falling closer to $760/st.
"It's tough to predict where the bottom is, but I think the good news is that people have been drawing inventories down," the second service center source said.
He said a price increase issued by US mills may help to get some buyers off the sidelines, but it may be more effective if they wait a while longer before issuing anything.
"If buyers decide it's the right time to buy, things could change," he said.
