The most commonly reported spot price transaction range for
US domestic cold rolled coil has held steady since our last report a week ago, still at $25.00-$27.00 cwt. ($551-$595/mt or $500-$540/nt), ex-Midwest mill, and many believe that spot market prices have finally begun to level.
Sources close to SteelOrbis, however, say that while there are still a handful of transactions that are taking place toward the bottom end of that range, those who are looking to book smaller sized tonnages “will absolutely be paying the highest price.”
It’s is also believed that the current spot price market range will be steady into the first week of February, as
US domestic scrap prices are forecast to trend sideways. It should also be noted, however, that there is already speculation that March’s scrap prices could begin to soften, which many fear will place downward pricing pressure on
US domestic
CRC prices.
In terms of offshore activity, trader sources have indicated that Turkish and Vietnamese cold rolled coil (
CRC) continue to offer futures to the
US at a sales price that is trending approximately $3.00 cwt. ($66/mt or $60/nt) below
US offer prices, but interest is hardly robust.