As would be expected, US domestic flat rolled spot prices dropped further in the last week with hot rolled coil (HRC) prices now at $29.00-$30.00 cwt. ($639-$661/mt or $580-$600/nt) ex-Midwest mill, reflecting a $0.50 cwt. ($11/mt or $10/nt) decline in the last week. But while the average buyer is making purchases in this range, large volume orders are already taking place as much as $1.00 cwt. ($22/mt or $20/nt) lower. Cold rolled coil (CRC) spot prices are still between $34.00-$35.00 cwt. ($750-$772/mt or $680-$700/nt) ex-Midwest mill, but with most activity on the lower end and larger orders likely to garner a slight discount.
While spot prices still have more room to fall, some sources believe the market may be close to hitting a bottom, as mills' profitability has become extremely limited at current prices. Already, a few mills' lead times have extended slightly over the last week as a result of reduced operating rates. Imports are also not providing much competition for US mills. Chinese CRC offers fell $0.50 cwt. in the last week but still remain too high; however, Chinese CRC offers at $36.00-$37.00 cwt. ($794-$816/mt or $720-$740/nt) DDP loaded truck in US West Coast ports continue to gain traction at about $2.00 cwt. ($44/mt or $40/nt) below US domestic spot prices in the region.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week | |
| US domestic | ||||
| HRC | $29.00-$30.00 | $639-$661 | $580-$600 | ↓$0.50 |
| CRC | $34.00-$35.00 | $750-$772 | $680-$700 | neutral |
| China* | ||||
| CRC | $36.50-$37.50 | $805-$827 | $730-$750 | ↓$0.50 |
| Mexico** | ||||
| HRC | $30.00-$31.00 | $661-$683 | $600-$620 | neutral |
| CRC | $34.50-$35.50 | $761-$783 | $690-$783 | newly offered |
**DDP loaded truck delivered into Houston