US CRC spot market prices see slight firming week-on-week

The most commonly reported spot price transaction range for US domestic cold rolled coil has firmed slightly since our last report a week ago, with pricing having firmed by approximately $0.50 cwt. ($11/mt or $10/mt) on the bottom end.

This brings the new average spot market transaction range to approximately $25.50-$27.00 cwt. ($562-$595/mt or $510-$540/nt), ex-Midwest mill.  As with transactions for other flat rolled steel products, sources close to SteelOrbis have indicate that “buyers who are looking to book larger-sized orders will have no problem booking toward the bottom end of the range.”

In terms of futures offers, trader sources have confirmed that Turkish and Vietnamese cold rolled coil (CRC) continue to be offered at a US at a sales price that is approximately $3.00 cwt. ($66/mt or $60/nt) below US offer prices, but interest in booking futures is “much lighter than offshore mills were hoping for.”

The most recent data from the US Department of Commerce, Enforcement and Compliance shows that for the month of January, global US import tonnages of cold rolled coil were calculated at 183,173 mt (license data), which indicates a sharp drop from the 370,534 mt (license data) that arrived at US ports in December.