The most commonly heard spot market price transaction range for US domestic cold rolled coil (CRC) has firmed by $0.50 cwt. ($11/mt or $10/nt) since our last report a week ago. This brings the current range to $40.50-$42.50 cwt. ($893-$937/mt or $810-$850/nt), ex-mill.
Activity continues to be decent but unexciting, sources note, adding that buyers are reluctant to book orders beyond what’s immediately needed. And while it’s still believed that prices will continue to drift upward, it’s largely held that a correction will take place toward the end of Q2.
“No one sees prices shooting up, and no one sees them crashing, either. At this point everyone is just trying to manage their inventories and be smart about what they’re buying,” a source said.
As with last week, import offers from Vietnam and Russia are still being heard in the range of $37-$38 cwt. ($816-$838/mt or $740-$760/nt), DDP loaded truck in US Gulf coast ports, although trader sources say that buyers remain reluctant to book offshore due uncertainty in the domestic market.