Flat steel spot prices in the US domestic market appear to be stuck at a low point after consecutive weeks of price declines. For another week, hot rolled coil (HRC) and cold rolled coil (CRC) spot prices have remained at approximately $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) and $33.00-$34.00 cwt. ($728-$750/mt or $660-$680/nt), respectively, ex-Midwest mill. Mills are reluctant to drop prices lower given already minimal profits, and sources tell SteelOrbis that many service center buyers are concerned the spot lower prices are devaluing existing inventory.
Still, larger buyers have been heard bidding for lower prices "just to see how low prices can go." Overall, prices remain weak and the market is lacking any real momentum; customers continue to make purchases regularly but only when immediately necessary. Import prices, meanwhile, are declining as offshore mills search for a low enough price level to entice US buyers to book futures. On the HRC side, Mexican offers are the only ones low enough for US Midwest buyers to seriously consider. Chinese CRC prices are down another $0.50 cwt. ($11/mt or $10/nt) in the last week to $32.50-$33.50 cwt. ($728-$750/mt or $660-$680/nt) DDP loaded truck in US Gulf ports, which has resulted in increased inquiries from customers, according to traders.
| Cwt. | Metric Ton (mt) | Net ton (nt) | Change from last week |
|
| US domestic | ||||
| HRC | $28.00-$29.00 | $617-$639 | $560-$580 | neutral |
| CRC | $33.00-$34.00 | $728-$750 | $660-$680 | neutral |
| China* | ||||
| CRC | $32.50-$33.50 | $728-$750 | $660-$680 | ↓ $0.50 cwt. |
| Korea** | ||||
| HRC | $31.00-$32.00 | $683-$705 | $620-$640 | neutral |
| Mexico*** | ||||
| HRC | $28.00-$28.50 | $617-$628 | $560-$570 | neutral |
*DDP loaded truck in US Gulf ports
**DDP loaded truck in US West Coast ports
***DDP loaded truck delivered into Houston