Activity within the US domestic cold rolled coil (CRC) market may be relatively steady, but the demand is not nearly enough to be putting a dent in excess inventory. This “supply glut” continues to plague the spot market and the “deals” that were available to certain customers last week have since become commonplace. Prices have softened by about $1.00 cwt. ($22/mt or $20/nt) since our last report a week ago, bringing the new average transaction range to $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) ex-Midwest mill.
Meanwhile, sources within the import market say Chinese mills are offering deals up to $1.00 cwt. ($22/mt or $20/nt) below their average futures offer range, although traders are reportedly wary about booking tons. Trade-case fever seems to be in full force, with many traders predicting a filing by the end of the month.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| Ex-Midwest mill | ||||
| CRC | $28-$29 | $617-$639 | $560-$580 | down $1.00 cwt. on low end. |
| Brazil* | ||||
| CRC | $28-$29 | $617-$639 | $560-$580 | neutral with rumors of deals |
| India* | ||||
| CRC | $28-$29 | $617-$639 | $560-$580 | neutral |
| Russia* | ||||
| CRC | $26-$28 | $573-$617 | $520-$560 | neutral with rumors of deals |
| China* | ||||
| CRC | $26-$28 | $573-$617 | $520-$560 | neutral with rumors of deals |
| *DDP loaded truck in US Gulf ports | ||||