Spot market prices for US domestic cold rolled coil (CRC) have once again remained stable week-over-week, at $49-$51 cwt. ($1080-$1124/mt or $980-$1020/nt), ex-mill, which is consistent with SteelOrbis’ prediction last week that prices will remain unchanged until after the Trump administration makes a final decision on Section 232 tariffs and quotas.
“No one is going to have a solid handle of what’s going on until that decision is made,” a source said. “At this point all outcomes are possible.”
Others note that while a decision is expected to be rendered by June 1, unintended consequences in downstream markets, such as a disruption to the supply chain, increased costs for manufactured goods and the real possibility of widespread layoffs in the manufacturing sector, could make that decision temporary at best.
A steel industry source with close ties to Washington DC echoed that sentiment. “I’ve been telling my clients to fasten their seatbelts and brace for the worst,” he said. “I’m predicting a very ugly Q4.”