In the past seven days, US domestic flats mills announced a third price increase. And while the increase was widely expected, many were surprised that mills announced in advance of scrap settling in December. Current expectations have US scrap prices settling up by $20-$30/gt ($20-$30/mt) next month, and sources close to SteelOrbis have said that if scrap does indeed settle upward, US flat rolled steel prices are likely to rise.
For now, US CRC prices are mostly stable week-over-week, at approximately $36.00 cwt. ($794/mt or $720/nt), ex-mill, where US HRC prices are being heard in the range of $26-$27 cwt. ($573-$595/mt or $520-$540/nt), ex-mill. Activity this week is light due to the Thanksgiving holiday.