Pricing for US domestic CRC has softened by $1.00 cwt. ($22/mt or $20/nt) on the bottom end since our last report a week ago; domestic CRC spot market prices are now trending between $48.50-$50.50 cwt. ($1,069-$1,113/mt or $970-$1,010/nt) ex-mill.
Trader sources have indicated that prices for import CRC in the US domestic market from Turkey, Australia, Egypt, Vietnam and Mexico are also steady, at $44-$45 cwt. ($970-$992/mt or $880-$900/nt), DDP loaded truck in US Gulf coast ports.
Sources close to SteelOrbis that while the market is “okay” and contract customers are busy, spot market buyers are only buying what they need due to anticipated downward price pressure in the market.
“Our administration continues to add uncertainty to the situation,” a source said. “If NAFTA is settled and there is no duty on Mexico or Canada, then things will change dramatically, and that will probably be to the downside on pricing.”