SteelOrbis sources have confirmed that the market is “still asleep” due to the year-end / New Year’s holidays. Although most sources are still out of the office through Monday, January 6, those who are working this week have said that “the phones are quiet and there isn’t much to report on.”
As such, prices for US HRC and CRC are neutral since our last report. US HRC prices are still holding in the range of $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) ex-mill, whereas US CRC is still trending at approximately $38.00 cwt. ($837/mt or $760/nt), ex-mill. Prior to the holiday break, it was believed that HRC and CRC prices would continue to firm in January, with some believing that HRC would land above $30.00 cwt. ($661/mt or $600/nt), with US CRC firming to approximately $40 cwt. ($882/mt or $800/nt), ex-mill.