US domestic cold rolled coil (CRC) prices have continued to firm in the past week, with prices inching up by $0.50 cwt. ($11/mt or $10/nt) on the bottom end since our last report. Today, the most commonly heard spot price transaction range is trending at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt) ex-mill, although some sources close to SteelOrbis have indicated that mills are strongly pushing for a minimum CRC base price of $44.00 cwt. ($970/mt or $880/nt) ex-mill.
US CRC prices are expected to maintain their uptrend, sources say, especially in light of the still-pending uncertainty with the Section 232 case along with next month’s “strong sideways” forecast for US domestic scrap prices. The question as to whether mills will announce before, or after scrap settles during the March buy-cycle, has yet to be answered.