Spot market prices for US domestic cold rolled coil continue to remain stable, sources note, adding that there is an expectation that prices should remain steady through the close of the year.
“Mills are pushing for price hikes but buyers are resisting due to ample supply. There’s also the general sense that inventory levels are higher than are being reported, which makes price increases unlikely,” a source said. “On the other hand, raw materials, like iron ore, are currently overpriced. That, combined with increased scrap flow in the upcoming months from the cars that will be junked due to hurricanes Harvey and Irma could place downward pricing pressure on scrap due to an increase in supply of shredded, which could impact the US steel market going into 2018.”
Current pricing for US CRC is unchanged week-over-week and is still holding at $39.50-$40.50 cwt. ($871-$893/mt or $790-$810/nt), ex-mill.
Looking offshore, import CRC prices in the US domestic market from Russia are still being heard at $34.50-$35.00 cwt. ($761-$772/mt or $690-$700/nt), DDP loaded truck in US Gulf coast ports, whereas offers from Turkey and Italy continue to trend in the range of $37-$38 cwt. ($816-$838/mt or $740-$760/nt), DDP loaded truck in US Gulf coast ports.