Spot market prices for US domestic cold rolled coil (CRC) continue to hold in the range of $40-$42 cwt. ($882-$926/mt or $800-$840/nt), ex-mill.
Sources close to SteelOrbis have reported that market conditions continue to be stable, service center inventories are still healthy, and buyers continue to be cautious with the tons they’re buying out of concern that prices may correct toward the middle-to-end of Q3. The current belief that US domestic scrap prices will trend down during the May buy-cycle underscores that concern.
Looking offshore, import offers from Vietnam and Russia are also steady, at $37-$38 cwt. ($816-$838/mt or $740-$760/nt), DDP loaded truck in US Gulf coast ports; as in previous weeks, buyers remain wary of booking offshore due to a belief that US prices will soften before summer.