Prices for US domestic cold rolled coil (CRC) have stabilized since our last report a week ago and are still trending in the range of $46.50-$47.50 cwt. ($1,025-$1,047/mt or $930-$950/nt), ex-mill, although sources report some mills are making “quiet deals” below the above stated range for volume buys.
Sources close to SteelOrbis believe the market is still vulnerable to correction. “We’re looking for the next big buying opportunity, like most big players, and we’re confident that some year-end deals will be cut,” one source said. “Of course, if we have a major outage that may change things.”
Demand is currently being described as “so-so,” adding that the spot market is soft and very competitive.
“It feels like most service centers in the Southwest are feeling that current inventory levels may be high and they’re moving it out as fast as they can to try to replace it at lower numbers for Q1 business,” a source said, “which is putting pressure on spot pricing and the selling prices.”