Hot-rolled coil (HRC) spot prices broke a five-week slide, edging up as the market tries to determine if it has hit bottom.

The Argus weekly domestic US hot-rolled coil (HRC) index edged up by $1.50/short ton (st) to $463.50/st ex-works Midwest on seven indications from sell- and buy-side sources.

Lead times stayed steady at 2-3 weeks.

Integrated steelmakers US Steel and AK Steel came out this morning with price increases of $40/st.

The moves come just days after fellow integrated steelmaker ArcelorMittal suffered an explosion and fire at its Burns Harbor blast furnace D in Indiana, forcing the 2.73mn st/yr furnace to shut down. The incident raised questions about whether ArcelorMittal could provide enough steel supply, which the company has rebuffed. The mill primarily supplies the automotive industry, according to the company’s website.

Some were skeptical the higher prices will be realized. One market participant, when asked about the price increase, said “godspeed.”

The domestic US cold-rolled coil (CRC) assessment was flat at $640/st, while the hot-dipped galvanized (HDG) coil assessment was also unchanged at $635/st. Lead times for both products were flat at 5-7 weeks.

The spread between #1 busheling scrap delivered US Midwest mills and HRC selling prices was $213.50/st, up by less than a percent compared to the prior week. Year-over-year, the spread is 34pc lower than the $323/st recorded a year ago.

HRC import prices into Houston rose by $10/st to $460/st ddp on higher offers from Mexico.

Futures prices in the CME HRC futures market rose in the last week. September futures prices jumped by $16/st to $514/st, while October HRC futures rose by $12/st to $518/st. November futures increased by $15/st to $521/st, while December prices rose by $13/st to $522/st. January HRC futures prices moved up by $4/st to $528/st, while February prices were up by $3/st to $531/st.