For the US domestic CRC market, it’s been another week, another price increase. Last week, US Steel and AK Steel announced an “effective immediately” $1.00 cwt. ($22/mt or $20/nt) price increase and this week, Nucor Sheet Mill decided to join the party. Although the general belief is that the increase was more about preventing further price erosion than it was shifting the needle in the other direction, even if the new price points fail to take hold, low-cost iron ore and this month’s approximate $30/lt dip in scrap prices have mills enjoying higher sales margins than they were in early October. This, of course, is good news for traders, because “when mills are doing well dumping suits are pushed out.”
In terms pf pricing, everything has held steady across the board, with the most commonly reported US domestic spot price transaction range having trended lateral at $36.50-$38.50 cwt. ($805-$849/mt or $730-$770/nt) ex-Midwest mill. Brazilian mills, however, continue to be aggressive in seeking orders and are rumored to be offering deals between $1.00-$1.50 cwt. ($22-$33/mt or $20-$30/nt) below the most commonly reported range.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| CRC | $36.50-$38.50 | $805-$849 | $730-$750 | neutral |
| Brazil* | ||||
| CRC | $32.00-$33.00 | $706-$727 | $640-$660 | neutral |
| China* | ||||
| CRC | $31.00-$32.00 | $683-$706 | $620-$640 | neutral |
| India* | ||||
| CRC | $33.00-$34.00 | $728-$750 | $660-$680 | neutral |
| *DDP loaded truck in US Gulf ports | ||||