US coil prices flat, but negativity grows on oil price plunge, coronavirus concerns

摘要

US hot-rolled coil prices remained flat Monday, but the sentiment turned quite negative as oil prices plummeted due to a price war between Russia and Saudi Arabia combined with market turmoil amid coronavirus concerns. The daily Platts TSI US HRC index was unchanged at $587/st and the daily Platts TSI US cold-rolled coil index also remained flat at $752/st. The market was anxious about oil price plunge and its potential impact in steel demand. US West Texas Intermediate crude spot contract settled at $31.13/b Monday, down almost 25% from Friday’s settlement, which recorded the largest daily drop since 1991.