The current average spot price transaction range for US domestic cold rolled coil (CRC) has ticked down another $0.50 cwt. ($11/mt or $10/nt) since our last report a week ago, bringing the current average spot market price transaction range to $24.00-$25.00 cwt. ($529-$551/mt or $480-$500/nt), ex-Midwest mill. This correction mirrors a similar $0.50 cwt. ($11/mt or $10/nt) seen for US domestic hot rolled coil and hot dipped galvanized coil that have also taken place this week.
"Supply is outpacing demand and domestic mills are hungry for orders," according to one Midwest-based source. "They keep lowering their price, and this keeps scaring buyers away because they're afraid to book at one price this week, only to see it soften again by the time they get back from the Thanksgiving holiday."