Last week, SteelOrbis reported that the most commonly heard spot market price range for US domestic cold rolled coil (CRC) was trending between $40-$42 cwt. ($882-$926/mt or $800-$840/nt), ex-mill.
Today, the range has shifted downward by $1.00 cwt. ($22/mt or $20/nt), to $39-$41 cwt. ($860-$904/mt or $780-$820/nt), ex-mill. Deals up to $1.50 cwt. ($33/mt or $30/nt) lower have also been heard in the market, although such transactions “are more of an outlier at this point and not available to the average buyer.”
Current prices are below price ranges reported in the period last year, when US CRC spot market prices were trending between $42-$43 cwt. ($926-$948/mt or $840-$860/nt), ex-mill.
Offshore interest remains bleak, as import prices are mostly consistent with domestic offerings. As with last week, US import CRC in the domestic market from Russia and Vietnam are trending between $39-$40 cwt. ($860-$882/mt or $780-$800/nt), DDP loaded truck in US Gulf cost ports; prices from Mexico are also being head in that same range, FOB Texas.
Buyers say they still anticipate that AK Steel, Nucor, AMUSA and US Steel may soon announce a price increase in hopes of preventing further erosion in the spot market. West coast mills announced earlier this week, although it’s still too soon to know if they will be successful in pushing prices upward.