The most commonly heard spot price transaction range for US domestic cold rolled coil (CRC) has firmed by $1.00 cwt. ($22/mt or $20/nt) on the bottom end since our last report a week ago, which brings the current average spot market price transaction range to $37-$38 cwt. ($816-$838/mt or $740-$760/nt), ex-Midwest mill. And while overall order activity and inquiries are trending light this week, as many within the US have taken the week off to spend time with their families in advance of the Nov. 24 Thanksgiving holiday, it’s believed that prices could continue to firm in the upcoming weeks.
Last week, SteelOrbis reported that US domestic flat rolled steel mills announced a third price increase; ArcelorMittal USA (AMUSA) announced they would be setting a new, minimum base price of for US CRC, at $39.00 cwt. ($860/mt or $780/nt.)
“Imports are no longer a factor due to the trade cases and inventories are low. The idea that cold rolled [coil] could hit $39 isn’t that farfetched,” one source said.