The most commonly heard spot price transaction range for US domestic cold rolled coil (CRC) continues to hold at $38.50-40.00 cwt. ($849-$882/mt or $770-$800/nt), ex-mill, unchanged in the past week, but buyers say they’re uncertain as to which direction the market will trend in the upcoming weeks.
Lead times remain unexciting, sources say, adding that uncertainty due to the still-pending Section 232 findings, combined with lax summertime order activity, has many expressing concern that if the findings are negative, and thus do not implement stiff tariffs against US import steel, that current US spot market prices will fall.
On the other hand, if the findings are in the affirmative, it’s believed that prices will firm quickly.
“We’re all feeling stuck,” a source said. “No one wants to stock up and then have prices fall but there’s a widespread expectation that mills will be fast and furious with their price increases of the Commerce Department pushes imports out of the market.”