US import CRC bookings continue in absence of trade case announcement

Less than four weeks ago, flat product traders throughout the US steel industry were concerned “trade case fever” could hit their segment next, but for now at least, buyers and sellers of US import cold rolled coil (CRC) seem to be breathing a bit easier.  Trader sources continue to report placing orders for limited tons into the West Coast, and Texas-based traders say they too are sticking their toes in the water.  Although futures prices out of China and India are on par with where they were a week ago, some SteelOrbis sources report paying prices as much as $2.00 cwt. ($44/mt or $40/nt) higher for Chinese CRC depending on the mill, size and scope of the order.

Meanwhile, US domestic spot prices may have held in last week’s reported range of $38.00-$39.00 cwt. ($837-$860/mt or $760-$780/nt) ex-Midwest mill, although buyers have said that deals toward the low end of that range are becoming fewer and farther between.