The current spot market price range for US domestic cold rolled coil (CRC) may be lateral since our last report a week ago, at approximately $23.00-$24.00 cwt. ($507-$529/mt or $460-$480/nt), ex-Midwest mill but sources close to SteelOrbis say that transactions at the lower part of that range are becoming fewer and farther between.
Order activity and inquiries, however, continue to trend light, which is typical of the last two weeks of December, as many companies are closed to celebrate the holiday season. This flaccid trend is expected to hold through the New Year. Market players say they are still skeptical that mills’ recent price increase attempt will gain traction and they question whether a second announcement may come in January.