As with last week, the most commonly heard spot market price transaction range for US domestic CRC is still trending in the range of $40-$42 cwt. ($882-$926/mt or $800-$840/nt), ex-mill. However, sources say prices are likely to climb in the upcoming days due to the uptrend in US scrap pricing during this month’s buy cycle. The average lead time, sources note “is about six weeks, give or take.”
In terms of year-over-year pricing, the spot market is down. On March 9, 2018, SteelOrbis reported US CRC prices were being transacted in the range of $44-$46 cwt. ($970-$1,014/mt or $880-$920/nt), ex-mill; last year’s price points were largely tied to the announcement of Section 232 tariffs.
Looking offshore, trader sources say that imports are still not attractive, as offshore offers to the US are “only about $1.00 cwt. ($22/mt or $20/nt) below US offers, which isn’t doing much to entice orders.”