The overall state of the
US domestic cold rolled coil (
CRC) market is unchanged since our last report a week ago; sluggish order activity coupled with high inventory levels and less-than-exciting demand continues to be the market’s biggest hindrance.
Spot prices are also mostly unchanged since our last report a week ago, at $28-$29 cwt. ($617-$639/mt or $560-$580/nt) ex-Midwest mill, although sources close to SteelOrbis say transactions at the higher end of that range are becoming less and less common; it’s also reported that buyers who express interest in booking large-sized orders can negotiate deals up to $2.00 cwt. ($44/mt or $40/nt) below the average spot price transaction range. Prices may not have officially moved downward yet, according to sources, although it’s expected the current range is likely soften in the upcoming weeks.