US domestic cold rolled coil (CRC) spot market prices have continued to correct since our last report a week ago, with the most commonly reported spot market price transaction range having softened by $1.00 cwt. ($22/mt or $20/nt). This puts the current average spot market transaction range at $37.50-$38.50 cwt. ($827-$849/mt or $750-$770/nt), ex-Midwest mill.
Lead times are "right around six weeks," sources note.
Today's prices are down by $3.50 cwt. ($77/mt or $70/nt) from early-August, when US CRC spot market prices were trending at $41-$42 cwt. ($904-$926/mt or $820-$840/nt), ex-Midwest mill .
"Prices are going to be soft for the next few months. None of us think we've seen the bottom yet," one source said. "Inventories are healthy and a lot of people are standing on the sidelines until they figure out what their first and second quarter needs are, and that won't be clearer until mid-to-late November, after the elections. We expect to see buying activity resume in early December and at that point, people shouldn't be the least bit surprised if flats mills announce a price increase."