The most commonly heard spot market price transaction range for US domestic cold rolled coil (CRC) is still holding at approximately $38-$39 cwt. ($838-$860/mt or $760-$780/nt), ex-mill; although sources close to SteelOrbis have reported that a growing number of transactions are taking place toward the bottom end of the above stated range.
And while some believed that the above stated range could decline by an additional $1.00 cwt. ($22/mt or $20/nt) before the end of the year, others have started to question whether today's $2.00 cwt. ($44/mt or $40/nt) price increase announcement that was put out by NLMK USA and US Steel will help prevent further erosion of spot market prices.
The challenges to the US CRC spot market remain similar to those seen in previous weeks. Underreported inventory levels, lower raw materials costs and weak order books at the domestic flats mills are all factors that continue to place downward pressure on US spot market prices.
Looking offshore, import CRC prices in the US domestic market from Russia are still trending at $34.50-$35.00 cwt. ($761-$772/mt or $690-$700/nt), DDP loaded truck in US Gulf coast ports, although as with last week, interest in booking offshore remains light.