Although mills had been hoping to push spot market prices for US domestic CRC a bit higher, prices have been mostly stable for the past two weeks. Today’s average spot market range is still trending at $36-$38 cwt. ($794-$838/mt or $720-$760/nt), ex-mill, although sources close to SteelOrbis have indicated that buyers who are wanting to book larger volumes can still do about $1.00 cwt. ($22/mt or $20/nt) better.
Overall market conditions largely mirror what’s been seen in recent weeks: a flurry of order activity after the price increases has helped push lead times out which, in the short-term, is helping to support higher prices. Yet it’s still believed that current price points are temporary, and prices will begin to decline at or slightly before the start of Q4.