Last week, SteelOrbis noted that import CRC tons from Vietnamese steelmakers had skyrocketed from 222 mt in May of 2015 to 32,666 mt in May of 2016. This surge has also caught the attention of mills, SteelOrbis sources note, many of whom suspect that another US import CRC trade case petition could soon be in the works.
Although some have said they feel the next CRC trade case will not be for “at least a year to a year and a half,” others say they’ve heard rumblings that a new filing could come in as soon as 30 days.
It’s also worth noting that the US-sales price from import CRC from Vietnam has also trended down by $1.00 cwt. ($22/mt or $20/nt) on the low end since our last report a week ago, bringing the current average range to $29-$30 cwt. ($639-$661/mt or $580-$600/nt).
Turkish CRC is also currently available, at a US sales price that is trending $1.00-$2.00 cwt. ($22-$44/mt or $20-$40/nt) above Vietnamese offers.
Offer prices from both countries are still well-below US spot market prices, which continue to trend trend at $41-$42 cwt. ($904-$926/mt or $820-$840/nt), ex-Midwest mill.
“Vietnam is the new China,” one trader said. “They’ve indicated they’re going to come at the US market, with guns-blazing prices, until they have to stop.”
Another trader agreed. “The Vietnamese mills are going to ship as much as they can until when and if a dumping suit strikes.”