Because US domestic wide flange beam (WFB) mills dropped prices so dramatically during the summer to clean up rampant discounting in the market, they are still "ahead" with transaction prices, which is why they only decreased transaction prices in October by $1.50 cwt. ($33/mt or $30/nt) following a $45-$50/long ton drop in scrap. As they have been for the past two months, spot prices are on par with published prices--for ASTM A992, W10 x 10, W18 x 6, and W24 x 7, prices are at $37.25 cwt. ($821/mt or $745/nt)--but sources tell SteelOrbis that because demand is so soft, there is a chance WFB prices might once again become vulnerable to significant discounting, especially for customers willing to book large orders. However, an expected scrap uptrend in November might apply counter-pressure to WFB's lackluster demand, keeping prices up even as order books lag.
As for imports, offer prices for future orders have remained neutral in the last month--offers from both Korea and Spain are still in the range of $39.00-$41.00 cwt. ($860-$904/mt or $780-$820/nt), DDP loaded truck in Gulf Coast ports. While traders report tepid demand for future orders, current arrivals of WFB have surged in the last month. According to US import license data, 8,529 metric tons of I-beams arrived in October from Spain, following a paltry 10 metric tons for July, August and September combined. Additionally, 10,064 metric tons of H-beams arrived from Korea in October, representing a steady incline in tonnage volumes since mid-summer.