A seasonal slowdown in order placement compounded by pre-Thanksgiving "mental vacations" has manifested in a slight downtick in spot prices. In the earlier part of the month, the most commonly reported spot price transaction range was hovering around $42.50-$43.50 ($937-$959/mt or $850-$870/nt) ex-Midwest mill with many expressing hope that prices would hang tough through the New Year. This week however, sources close to SteelOrbis have confirmed that not only have prices ticked down by about $0.50 cwt. ($11/mt or $10/nt), but that those who are interested in booking larger orders "can do about $0.50 cwt. better than that."
"A lot of this is seasonal," according to one Midwest-based source, noting that there has been similar slow erosion in spot prices for other segments of the flats market. "Orders have slowed; things aren't terrible but they aren't great, and a lot of people have already started to check out due to the approach of the holiday season."
In terms of imports, Turkish offer prices continue to trend in the approximate range of $38.00-$39.00 cwt. ($838-$869/mt or $760-$780/nt) DDP loaded truck US Gulf coast ports, while offer prices from Brazilian producers are still holding at about $1.00 cwt. ($22/mt or $20/nt) higher. Offers from Mexican producers are also still available in the approximate range of $36.00-$37.00 cwt. ($794-$816/mt or $720-$740/nt) DDP loaded truck delivered to US border states, although "anyone who is looking to book hefty tons can expect to do better."