Last week,
US domestic flat rolled steel mills 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. In our last report a week ago,
US CRC pricing was being heard at $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/mt), ex-mill.
And while the full price increase has not yet been absorbed in the market, spot prices have started to inch up. Today, the most commonly heard spot price transaction range for
US CRC has firmed by approximately $0.50 cwt. ($11/mt or $10/nt), which brings the current average transaction range to $42-$43 cwt. ($926-$948/mt or $840-$860/nt), ex-mill.
Sources close to SteelOrbis believe there are strong factors that indicate prices could continue to move upward. This includes but is not limited to upticks in raw materials costs and a pending seasonal uptick in demand, which is typically seen during the spring and early summer months.