Sources close to SteelOrbis have confirmed that US import CRC offer prices from Turkish steelmakers have ticked down by approximately $1.50 cwt. ($33/mt or $30/nt) since our last report a week ago, to $30-$31 cwt. ($661-683/mt or $600-$620/nt), DDP loaded Truck in US Gulf coast ports.
August 24 data from the US Department of Commerce, Enforcement and Compliance indicates that for the month of July, the US imported 18,962 mt (license data) of CRC from Turkey; in contrast, the US imported 7.66 mt of CRC from Turkey in July 2015.
At current, Turkey is the second most significant offshore source of US import CRC among global suppliers; the most significant offshore source is Vietnam.
Offer prices from Vietnam have remained lateral in the past week and are still being heard at $29-$30 cwt. ($639-$661/mt or $580-$600/nt), DDP loaded truck in US Gulf coast ports.
Futures offers from both countries continue to be vastly below US domestic spot market prices, despite an approximate $1.00 cwt. ($22/mt or $20/nt) dip on the low end in the past week. The new average transaction range is now being heard at $38.50-$40.50 cwt. ($849-$893/mt or $770-$810/nt) ex-Midwest mill, although deals at the low end of that range are strictly reserved for volume-sized buyers.