Spot market pricing within the US domestic CRC market are once again unchanged week-over-week, at $36-$38 cwt. ($794-$838/mt or $720-$760/nt), ex-mill, although sources close to SteelOrbis say they’re paying close tabs on where scrap settles this month.
In recent weeks, SteelOrbis has forecast that US domestic flat rolled steel pricing would start to retreat in late Q3 or early Q4. The reason for this, according to industry source surveys, is that that market demand is not sufficient to keep prices lateral, especially due to retreating demand from pipe mills.
If scrap prices settle downward this month, as is expected, cracks in flat rolled steel pricing are also likely to emerge.