Key Takeaways

• The consumer spot price for hot rolled coil moved higher for a third consecutive week to $1,160/ton. The size of this week’s increase matters less than the continued upward direction itself.
• Input costs split in two opposing directions, with the single largest raw material input falling to its lowest level in nearly two years while two others advanced, weakening one side of the cost argument and strengthening the other.
• Domestic flat rolled shipments reached a level not recorded since 2006, and the reason behind that record determines whether the strength persists or fades with the next demand cycle.

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