Prices for US domestic cold rolled coil have softened by $0.50 cwt. ($11/mt or $10/nt) since our last report a week ago, which brings the current average spot market price transaction range to $49-$50 cwt. ($1,080-$1,102/mt or $980-$1,000/nt), ex-mill.
One source close to SteelOrbis, however, confirmed his company received pricing for a “special one-off deal”, at $46 cwt. ($1,014/mt or $920/nt), ex-mill. “The price certainly isn’t available to everyone, but this tells you where the market may be heading,” he said.
Offshore pricing, however, has remained stable. Trader sources are indicated indicating that pricing for US import CRC in the domestic market from Vietnam and Mexico are still holding $44-$45 cwt. ($970-$992/mt or $880-$900/nt), DDP loaded truck in US Gulf coast ports and FOB Houston, respectively.
Turkish offers, which were previously heard in the same range as offers from Vietnam and Mexico, are no longer being entertained by US buyers; traders say this is directly related to Trump’s decision to raise the Section 232 tariff against Turkish steel from 25 percent to 50 percent.