Both US domestic and import cold rolled coil (CRC) have shown signs of softening in the past week, to the tune of $0.50-$1.00 cwt. ($11-$22/mt or $10-$20/nt). The US domestic range has ticked down on the top end, bringing the most commonly reported transaction range to $38.00-$39.50 cwt. ($838-$871/mt or $760-$790/nt) ex-Midwest mill. June scrap prices have indeed faltered by approximately $10/lt in most areas of the country and it’s suspected that increased flow into the yards could lead to further softening next month. At this point, SteelOrbis sources believe “the bloom has started to fall off the rose,” and a continued slide for US flats products will most likely be seen throughout the month.
Meanwhile, offshore prices from India and China have followed a similar pattern, with futures offers from both countries also ticking downward. Order activity and inquires have held at sideways, according to trader sources, although all eyes are currently turned to the domestic market.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| CRC | $38.00-$39.50 | $838-$871 | $760-$790 | down $0.50 cwt. on top end |
| China* | ||||
| CRC | $31.50-$33.50 | $706-$750 | $630-$670 | down $0.50 cwt. |
| India* | ||||
| CRC | $34.00-$35.00 | $750-$771 | $680-$700 | down $1.00 cwt. |
| *DDP loaded truck in US Gulf ports | ||||