Last week, SteelOrbis reported that US domestic CRC prices were trending in the approximate range of $36-$37 cwt. ($794-$816/mt or $720-$740/nt), ex-mill, although sources close to SteelOrbis had indicated that deals up to $1.50 cwt. ($33/mt or $30/nt) below that range had been available base on tonnage. This week, the price range has widened by $1.00 wt. ($22/mt or $20/nt) on the bottom end, to an average of $35-$37 cwt. ($772-$816/mt or $700-$740/nt), ex-mill.
Sources close to SteelOrbis have begun to question whether current market prices will slip further if US domestic scrap prices do not see additional downward revisions in March. Current expectations are that scrap prices may firm slightly during next month’s buy cycle.