Slow demand and short lead times in the US domestic flats market has kept prices in a downtrend again this week. US domestic HRC and CRC prices have dipped by $0.50 cwt. ($11/mt or $10/mt) since last week, and sources say prices are expected to remain flexible in the near term.
Sources say mills “wish” they could raise prices but the demand “just isn’t there,” as service centers are still able to work through existing inventories. Production cuts and seasonal holiday shutdowns might add some price pressure on the supply side before the end of the year, but sources overall don’t expect higher flat steel prices until next year.
This week, US domestic HRC prices are trending at $34.50-$37.50 cwt. ($761-$826/mt or $690-$750/nt) FOB mill, compared to $35-$38 cwt. ($772-$838/mt or $700-$760/nt), FOB mill last week.
US domestic CRC prices, meanwhile, are now in the range of $49.50-$54.50 cwt. ($1,091-$1,202/mt or $990-$1,090/nt) FOB mill, against $50-$55 cwt. ($1,102-$1,213/mt or $1,000-$1,100/nt), FOB mill last week.