Despite last week’s attempt by ArcelorMittal USA (AMUSA), California Steel Industries and NLMK USA to push
US CRC prices higher, last week’s round of price increases has instead, seemed to have set a floor.
On June 23 SteelOrbis reported that AMUSA announced they’d be raising prices by $1.00 cwt. ($22/mt or $20/nt) while CSI and NLMK told customers they would implement a $1.50 cwt. ($33/mt or $30/nt) effective with all new bookings.
Current spot market prices for
US CRC, however, have once again trended lateral and continue to be heard in the approximate range of $41-$42 cwt. ($904-$926/mt or $820-$840/nt), ex-Midwest mill.
Opinions as to how long current price points will remain steady is mixed. Some believe that flat rolled steel prices ran up “too high too fast” and that current price points are due to lack of supply, due to decreased availability of imports, as opposed to true market demand, and that current pricing is thus, vulnerable to correction. Others feel that with imports being “pushed out of the market,” that
US prices could remain steady through Q4.