As availability within the US domestic flat steel market continues to improve, spot prices are showing more signs of weakness. Sources tell SteelOrbis that the market is “well past the top of the bell curve” but the “million dollar question” of how quickly prices will drop remains. Demand is still steady, but many buyers are trying to “get a feel” for the impact of the US-EU tariff rate quota system that will come into effect Jan. 1. Already, sources say existing lower import offers are pressuring US domestic prices.
This week, US domestic HRC prices are trending at $89-$92 cwt. ($1,962-$2,028/mt or $1,780-$1,840/nt) FOB mill, compared to $90-$93 cwt. ($1,984-$2,050/mt or $1,800-$1,860/nt) FOB mill last week.
US domestic CRC prices, meanwhile, are steady at $106-$108 cwt. ($2,337-$2,381/mt or $2,210-$2,160/nt) FOB mill, unchanged after a shift downward last week, although sources say further downticks are expected.