The most commonly heard spot price transaction range for
US domestic cold rolled coil (
CRC) has firmed by approximately $0.50 cwt. ($11/mt or $10/nt) on the bottom end since our last report a week ago; this brings the current average transaction range to $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/mt), ex-mill.
Sources close to SteelOrbis continue to report that a growing number of transactions are taking place at the top end of this range, which is mills’ desired price point for
US CRC spot market transactions.
Other sources note that the current spot market transaction range may be short lived; yesterday, Nucor and NLMK USA announced they would be raising prices on
US CRC by a minimum of $1.50 cwt. ($33/mt or $30/nt), effective with all new orders. If absorbed, this could put
US CRC at $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt), ex-mill.
“We expect it’s going to stick,” one source said, adding that “it’s only a matter of time before the other mills announce.”
In terms of import pricing, offers from Turkish, Egyptian and South African steelmakers for
CRC in the
US domestic market have trended stable week-over-week, at $34-$36 cwt. ($750-$794/mt or $680-$720/nt), DDP load truck in
US Gulf coast ports.