Spot market prices for US domestic cold rolled coil (CRC) may be stable since our last report a week ago, at $38-$40 cwt. ($838-$882/mt $760-$800/nt), ex-mill, but questions remain about whether additional downward revisions are on the horizon now that US scrap prices have officially settled.
Yesterday, SteelOrbis reported that domestic scrap prices settled down between $30-$35/mt across the board. Combined with short, sub-eight-week lead times in the US flats market, the May scrap trend has many speculating that additional corrections may emerge in the upcoming weeks. As with last week, interest in booking import material remains very light, as domestic producers have been “ready and willing to match any import offer price that’s out there.”