Traders more willing to test the waters for US import CRC

Although rumors of a potential trade case filing against Chinese flats mills for import cold rolled coil (CRC) to the US had caused a number of traders to back slowly away from the market, since no such announcement has been made, many are starting to retest the waters.  Several trader sources said that while they had not booked anything out of China for several weeks, they are once again placing orders for limited tons to the West Coast.  Prices out of India and China have remained on par with where they were one week ago, although order activity has once again started a slow upward climb.

In terms of the US domestic market, spot prices have for the most part trended sideways since our last report a week ago, still at $38.00-$39.00 cwt. ($837-$860/mt or $760-$780/nt) ex-Midwest mill.  Mills, however, are trying to quote about $1.00 cwt. ($22/mt or $20/nt) higher than that range, although SteelOrbis sources have said “no one is paying $40.00 cwt.”