The most commonly heard spot price transaction range for
US domestic cold rolled coil (
CRC) continues to hold at $39.50-$41.50 cwt. ($871-$915/mt or $790-$830/nt), ex-mill, but many market players question how long prices will remain stable.
Demand is steady, but shows no immediate signs of picking up, one source said, pointing to stable ex-mill lead times.
“It seems crazy to me that people aren’t rushing out to stock inventories now because if the Section 232 investigation winds up slapping a 5 percent tariff on foreign steel, the
US market will probably go up 10-15 percent,” he said. “You’ll have all these people who are rushing to buy, the lead times will jump out and everyone will be scrambling.”
Yesterday, Commerce Secretary Wilbur Ross spoke about the ways in which steel imports hinder
US national security. "If we determine that steel imports are indeed a threat to our security, the department will recommend responsible action to the president,” Ross said.
Members of congress said an affirmative ruling was needed “to stop foreign dumping steel on our market and to preserve our modernized capacity. America today faces a national steel crisis. Our steel communities cannot wait for long. American Steel needs action now.”