US CRC market holding steady, but for how long?

Sources close to SteelOrbis continue to report that a trade case petition against certain offshore producers of US import cold rolled coil (CRC) is imminent, but naysayers point out these rumors have been around for more than a year and say they’re not going to change their buying patterns until when and if a case is actually announced.

Trader sources have said that Indian offer prices have fallen “mostly silent” and that there are a handful of Chinese bookings that are taking place on the West Coast. As with last week, many Gulf coast traders say they're reluctant to continue booking tons from China due to perceived risk associated with a possible trade case. Domestic sources have confirmed that the US spot market is unchanged week-on-week, with US domestic prices still trending at approximately $28-$29 cwt. ($617-$639/mt or $560-$580/nt), ex-Midwest mill. Inventory overhang is still a problem, sources said, which has likely contributed to the failure of the early June flats mills’ price increase.