Increased deal-making puts pressure on US CRC spot market

Thursday, 15 September 2016 22:08:56 (GMT+3)   |   San Diego
       

The increased frequency in deal making within the US domestic cold rolled coil market has placed downward pressure on ex-mill transaction prices.

Last week, SteelOrbis reported that the average spot market range was heard at $38.50-$39.50 ($848-$871/mt or $770-$790/nt) ex-Midwest mill, although deals for volume-sized buyers were not hard to come by.

This week, SteelOrbis sources have indicated the “actual average transaction range has fallen to $36-$38 cwt.” ($794-$816/mt or $720-$740/nt), ex-Midwest mill, which reflects a $2.50 cwt. ($55/mt or $50/nt) week-on-week decline. “I wouldn’t be surprised if buyers with the biggest orders were able to bend some ears,” the source continued.  “Every day is a new day and we’re all looking for the bottom.”

Futures offer prices from Turkish mills for US import CRC, which were previously heard at $30-$31 cwt. ($661-683/mt or $600-$620/nt), DDP loaded Truck in US Gulf coast ports have also softened since our last report a week ago. Today, both Turkish and Vietnamese material is available to US buyers in a range of $29-$30 cwt. ($639-$661/mt or $580-$600/nt), DDP loaded truck in US Gulf coast ports.


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