The most commonly reported spot price transaction range for
US domestic cold rolled coil has remained lateral since our last report a week ago, at approximately $25.50-$27.00 cwt. ($562-$595/mt or $510-$540/nt), ex-Midwest mill. This comes on the heels of an $0.50 cwt. ($11/mt or $10/mt) firing that took place on the bottom end of the average
CRC transaction range that took place during the first week of February.
Order activity remains steady, sources say, but “no one is rushing out to stock up inventory levels because everyone is worried about what will happen with scrap prices next month.” Sources close to SteelOrbis continue to confirm that there are widespread concerns that
US domestic scrap prices could trend downward in the early part of March.
In terms of futures offers, as with last week, trader sources continue to note that Turkish and Vietnamese cold rolled coil (
CRC) are being offered at a
US at a sales price that is approximately $3.00 cwt. ($66/mt or $60/nt) below
US offer prices, but interest in booking futures continues to trend light.