Last week, SteelOrbis reported that domestic spot market prices for US domestic CRC were trending in the range of $39-$41 cwt. ($860-$904/mt or $780-$820/nt), ex-mill. This week, prices have firmed up by $1.00 cwt. ($22/mt or $20/nt) on the bottom end, which brings the new range to $40-$41 ($882-$904/mt or $800-$820/nt), ex-mill.
“The deep discounts are gone, but prices haven’t gone up to where mills were hoping to get them with the price increase,” a source said, adding that this month’s sideways scrap pricing “didn’t do mills any favors.”
Overall market activity continues to be steady, another source added, noting that “there hasn’t been any mad dash to rush out and buy steel.”
Many say they’re still keeping close tabs on the market, especially regarding how the Vale dam collapse in Brazil is impacting global iron ore prices, as this could lead to market price upticks in the weeks to come.