Cheaply priced imports, low raw material costs and the year-end slowdown have finally taken their toll on US domestic cold rolled coil (CRC) spot pricing, leading to an approximate $1.00 cwt. ($22/mt or $20/nt) range dip from levels seen one week ago. Today, the most commonly reported spot price transaction range has settled to $35.00-$36.00 cwt. ($772-$794/mt or $700-$720/nt) ex-Midwest mill. “Inventories are high, lead times are short and market prices are tapering down,” according to one Texas-based source. “At this point no one is taking positions because people want wait and see where things bottom out.”
Import pricing is also placing pressure on US domestic offers, as Brazilian producers have revised pricing to meet Chinese offers; Russian mills have also jumped into the market and are offering in a similar range. Although Indian offer prices haven’t been officially revised, sources indicate they’re open to negotiation based on tonnages.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| CRC | $35.00-$36.00 | $772-$794 | $700-$720 | down $1.00 cwt. |
| Brazil* | ||||
| CRC | $30.50-$31.50 | $672-$694 | $610-$630 | down $1.50 cwt. |
| Russia* | ||||
| CRC | $30.50-$31.50 | $672-$694 | $610-$630 | new offer |
| China* | ||||
| CRC | $30.50-$31.50 | $672-$694 | $610-$630 | neutral |
| India* | ||||
| CRC | $32.00-$33.00 | $706-$727 | $640-$660 | neutral with deals |
| *DDP loaded truck in US Gulf ports | ||||