US CRC prices have continued to edge up in the past week after US domestic flat rolled steel mills announced they would be raising prices on all flat rolled steel products by a minimum of $1.50 cwt. ($33/mt or $30/nt).
Since the announcement last Friday, US CRC prices have firmed by $0.50 cwt ($11/mt or $10/nt) on the bottom end and by $1.50 cwt. ($33/mt or $30/nt) on the top end, which brings the current average transaction range to $40-$42 cwt. ($882-$926/mt or $800-$840/nt), ex-mill.
Earlier in the week, many SteelOrbis sources indicated a belief that the most recent price increase would gain traction, adding that another price increase will be most likely be announced after US scrap prices settle in January.
Offshore pricing, however, continues to remain lateral. As with last week, offers for import CRC in the US domestic market from Russia, Vietnam and Egypt are still trending at $34.50-$35.00 cwt. ($761-$772/mt or $690-$700/nt), DDP loaded truck in US Gulf coast ports.