US CRC market treads water amidst quiet, holiday week

The mid-week New Year’s holiday has led to lackluster, quiet activity within the US domestic and import cold rolled coil (CRC) markets, as a great number of US-based workers have taken the week off to spend time with their families. And not surprisingly, this has lent itself to stable prices.  US domestic spot market prices are unchanged in the past seven days, still at $35-$36 cwt. ($772-$794/mt or $700-$720/nt), ex-Midwest mill, while futures offer prices are also trending neutral.  Although many believe US domestic flats product spot prices will face additional erosion after the first of the year (a trend that is tied to low raw materials costs, cheaply priced imports and the strength of the US dollar), price revisions aren’t expected to materialize until buyers and sellers return to the office.