The most commonly reported spot prices transaction range for
US domestic cold rolled coil have increased by approximately $1.50 cwt. ($33/mt or $30/nt) since our last report a week ago, which brings the current average spot price transaction range to $32.00-$34.00 cwt. ($705-$750/mt or $640-$680/nt), ex-Midwest mill.
“Scrap prices are up, hot rolled is up so it’s no great surprise that cold rolled is following that trend,” one Midwest-based buyer said. “Domestic demand is also still doing pretty good right now due to the trade cases, so that’s also helping things along.”
Mills seem to agree. Last week, NLMK USA announced they would be increasing prices for all
flats products by a minimum of $40/nt, effective for all new spot orders; this week, ArcelorMittal USA announced a $35.00 cwt. ($772/mt or $700/nt) minimum base price for
US CRC effective with all new orders.
Looking at imports, April 5 data from the
US Department of Commerce, Enforcement and Compliance indicates that for the month of March,
US import
CRC tonnages were recorded at 115,067 mt (license data), which is a marked decline from the 173,928 mt (census data) of import
CRC that arrived at
US ports in March 2015.
The most significant offshore source of
US import
CRC last month were Vietnam and Korea, which shipped 17,836 mt (license data) and 13,990 mt (license data), respectively.
In terms of current futures offers,
US import
CRC prices from Vietnamese steelmakers is being offered at approximately $590-$600/mt CFR, DDP loaded truck in
US Gulf coast ports. Turkish import
CRC offer prices, which were last heard at approximately $550/mt CFR, have since risen to approximately $615-$625/mt CFR, DDP loaded truck in
US Gulf coast ports.