The most commonly heard spot price transaction range for US domestic cold rolled coil (CRC) continues to trend in the approximate range of $41.50-$43.50 cwt. ($915-$959/mt or $830-$870/nt), ex-mill, although sources close to SteelOrbis have said that “fewer and fewer transactions are taking place at the top of the range. The average buyer isn’t paying $43.50 cwt.,” one source said. “Sure if you need a couple tons and you need them immediately, then yes. But the average buyer isn’t paying that and the volume buyers can definitely do better than $41.50 cwt..”
Lead times continue to trend at four to six weeks.
And while mills are still open to negotiating prices, another source said, “I don’t see the market spiraling downward. A lot of people stocked up inventory when prices were going up and they were very cautious with their buying when they thought prices were at or near their peak,” he said. “At this point, inventories are getting a little thinner and people are starting to buy a little more because they feel more confident when it comes to pricing. If anything, this should help keep things stable.”
Other sources, however, feel the market could see additional corrections, “but the corrections shouldn’t be too drastic,” one source said.