US CRC market trends flexible

Although the most commonly transacted spot price transaction range for US domestic cold rolled coil (CRC) has remained unchanged in the past seven days,  erosion in US domestic scrap prices and last month’s surge of import tonnages seem to be placing some downward pressure on the market.  One Midwest-based SteelOrbis source said that while the discount he wanted several weeks ago was not available based on the tons he’d ordered, “I’m sure if I called that mill today I could get the range I’d previously asked for, if not better.”  Others have also said they also believe they could book between $0.50-$1.50 cwt. ($11-$33/mt or $10-$30/nt) below the current range based on the size and scope of the order.

In terms of the seemingly ever-present “will they, won’t they, when will they” trade case chatter, two distinct camps seem have to emerged.  The first feels a filing could come as soon as Oct. 15, especially in light of September’s import tonnage data.  Others cite a belief that the notice won’t come until after the first of the year.  “Domestic prices are very likely to fall off as the year comes to an end,” according to one trader source, “which could help mills make a better case that cheaper-priced import steel is causing them injury.”