US domestic flats pricing ranges hold steady, but still trending downward

"Last week, the average guy was getting quoted at the top end of that range, but now it's not uncommon for them to be able to purchase on the lower end," said one East Coast service center.

Yet the mass consensus is that transactions closer to $26.00 cwt. ($562/mt or $520/nt) won't be a challenge if large tonnage orders are dangled in front of mill sales people.

Lead times remain short, at approximately two to three weeks for both products, which is a continued indication of ever-weak order books.

Others, however, are reporting an ability to get product even quicker than that.

That having been said, service centers are continuing to hold off as long as they can before making purchases due to downward pricing momentum, and consequently, mills are continuing to fight for every order.

Offshore offers are being barely considered, if at all.

Rumblings of Brazilian offers have ceased since our last report a week ago, and China, while having come down $1.00 cwt. ($22/mt or $20/nt), are still priced too high to attain interest.

"From our perspective, import futures are relatively dead," said one Midwest trader.

Shifting focus south of the border, Mexico is still offering HRC and CRC in ranges consistent with US domestic offerings, however it's being reported that Mexican mills have no qualms about aggressively pursuing what few offers are out there.

For now, the trend for US domestic HRC and CRC will remain downward, with the remained anticipation that prices will not stabilize until mid to late November.

*Mexican offers are FOB loaded truck US border states.

**Chinese and offerings are duty-paid FOB loaded truck, US Gulf ports