The price slide for US domestic cold rolled coil has persisted. Last week, sources indicated that while the “official” range for US CRC was holding at $35-$36 cwt. ($772-$794/mt or $700-$720/nt), ex-mill, deal making was increasingly rampant.
This week, mills’ willingness to cut deals to obtain orders has pushed market prices downward, to an average of $34-$35 cwt. ($750-$772/mt or $680-$700/nt), ex-mill. Market players believe that the price slide is not over yet.
The question as to how far prices will fall has yet to be known, especially because the market continues to be oversaturated and continues to be impacted by supply / demand economics. The bright spot in the market, sources say, is news that US scrap prices have likely bottomed, and that scrap is likely to trade at strong sideways or up during the November buy cycle.