How low will US CRC prices go?

Thursday, 20 October 2016 10:21:38 (GMT+3)   |   San Diego
       

The most commonly reported spot price transaction range for US domestic cold rolled coil (CRC) have endured another round of softening since our last report a week ago.
Prices have ticked down an additional $1.50 cwt. ($33/mt or $30/nt) in the past seven days, sources note, adding that there is “quite a bit of negotiating going on” within the marketplace.

Current prices are being heard at $34-$36 cwt. ($750-$794/mt or $680-$720/nt), ex-Midwest mill.  In contrast, prices during the same reporting period for US domestic CRC were trending at $27-$28 cwt. ($595-$619/mt or $540-$560/nt), ex-Midwest mill.

Short lead times and still soft-pricing are helping keep spot market prices soft.  “No one wants to restock anything until they’re sure that tomorrow’s price won’t be lower than what they’re being quoted today,” a Texas-based source said.

Looking offshore, imported CRC in the US domestic market from Thailand continue to be heard at $30-$31 cwt. ($661-$683/mt or $600-$620/nt), DDP loaded truck in US Gulf coast ports.  Trader sources have said that offers during the current week from mills in Turkey and South Africa are trending quiet.

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