NMLK USA, AMUSA and Nucor Sheet Mill Group last week announced they would be raising spot market prices for US domestic cold rolled coil (CRC) by $1.50 cwt. ($33/mt or $30/nt), effective with all new orders.
However, the increase has failed to push prices upward, sources note, due to many in the US flats market taking the week off to celebrate the Thanksgiving holiday. Current prices continue to trend at $38-$40 cwt. ($838-$882/mt or $760-$800/nt), ex-mill.
Buyers say they’ll be taking a “wait-and-see” approach to pricing when they return to their offices early next week. Acceptance of the increase may not be immediate, sources say, but it’s believed that spot market prices will firm between $1.00-$2.00 cwt. ($22-$44/mt or $40-$60/nt) by mid-December.
Looking offshore, import CRC prices in the US domestic market from Russia, Vietnam and Egypt are also stable week-over-week, at $34.50-$35.00 cwt. ($761-$772/mt or $690-$700/nt), DDP loaded truck in US Gulf coast ports.