Spot market prices for US domestic cold rolled coil (CRC) have declined by an additional $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago, which continues the recent downward pricing. Although some market players had believed that prices would hold steady for several weeks, reluctance to lock tons at the mill level has led to additional downward pricing pressure. As such, today’s average transaction range of $38-$40 cwt. ($838-$882/mt $760-$800/nt), ex-mill.
Current price points have declined markedly from the first week of 2019, when spot market transactions trended at $42.50-$44.00 cwt. ($937-$970/mt or $850-$880/nt), ex-mill. Concerns that prices will revise downward yet again after May scrap trading concludes are abundant, especially in light of predictions that scrap will settle down by $10-$30/gt, depending on grade and region.
Sources continue to confirm that spot market business "is very good, which is largely tied to the fact that no one wants to lock large tonnages until they’re sure the market has bottomed out.”
In terms of imports, traders have said that interest is lacking, especially since domestic sellers have been “amply willing to match any import price that’s out there.”