How long can US CRC prices hang on?

In the month of September, total US import cold rolled coil (CRC) tonnages surged from levels seen in August, and some believe that the final October tally could be even higher.  Demand is still good, according to sources, but it’s not nearly strong enough keep supply-demand models in check. The influx of lower-priced imports continues to place downward pricing pressure on the US domestic market. Although last week’s reported spot price transaction range of $37.00-$39.00 cwt. ($816-$860/mt or $740-$760/nt), ex-Midwest mill, the biggest customers with the largest orders can easily book deals slightly below the most commonly seen range.  If October import tonnages do in fact outpace September, the current spot price transaction range may start to show signs of softening.

In terms of current futures offers from China and India, both have ticked down approximately $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago, although bookings are expected to fall off slightly “based on the tons that are already at the dock and the others that are still on the water.”