Falling raw scrap prices and less than exciting demand have once again taken their toll on US domestic and import cold rolled coil (CRC) prices; the most commonly reported spot price transaction range for US CRC has ticked down by $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago bringing new average to $30.00-$32.00 cwt. ($661-$705/mt or $600-$640/nt) ex-Midwest mill.
The US price dip comes as no surprise, especially in light of the significant drop in US domestic scrap prices this month. Buyers also question whether additional downticks could be on the horizon come March, as the US domestic scrap price forecast is on a downtrend.
Import offers, though, are also raising an eyebrow. Russian offers have corrected by $3.00 cwt. ($66/mt or $60/nt) since our last report a week ago, which may be an attempt by mills in that country to hold onto some piece of US market share as Russian producers can no longer ship HRC into the US. Chinese and Brazilian offer prices have also fallen week-on-week; suffice to say, these ever-softening import prices continue to fuel trade case rumors.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| CRC | $30-$32 | $661-$705 | $600-$40 | down $1.00 cwt. |
| Brazil* | ||||
| CRC | $28-$29 | $617-$639 | $560-$580 | down $1.00 cwt. |
| Russia* | ||||
| CRC | $26-$28 | $573-$617 | $520-$560 | down $3.00 cwt. |
| China* | ||||
| CRC | $27-$29 | $595-$639 | $540-$580 | down $2.00 cwt. |
| *DDP loaded truck in US Gulf ports | ||||