The most commonly reported spot price transaction range for US domestic cold rolled coil (CRC) has firmed by $1.00 cwt. ($22/mt or $20/nt) on the bottom end, and by $2.00 cwt. ($44/mt or $40/nt) on the top end since our last report a week ago. This brings the current average ex-Midwest mill spot price range to $40-$42 cwt. ($882-$926/mt or $800-$840/nt).
It’s further speculated that Midwest mills may soon push for another round of price increases.
West Coast mills have already announced.
In the past week, both California Steel Industries (CSI) and USS-POSCO have announced they would be raising base prices on all new CRC orders by $7.50 cwt. ($165/mt or $150/nt) effective immediately.
“We all think the Midwest mills are going to announce something sooner than later,” one source said, adding that he believes “at least part of another increase will be accepted. The big question is whether that increase comes before, or after scrap settles next month.”