The most commonly reported spot prices transaction range for US domestic cold rolled coil has firmed by an additional $1.00 cwt. ($33/mt or $30/nt) since our last report a week ago, which brings the current average spot price transaction range to $34.50-$36.00 cwt. ($761-$794/mt or $690-$720/nt), ex-Midwest mill. Spot prices for US CRC have firmed by approximately $4.00 cwt. ($88/mt or $80/nt) in the past three weeks.
Sources close to SteelOrbis, however, have said they believe another price increase announcement is imminent.
“Scrap prices are set to settle up next month and we all expect that flats mills will send out another round of price increase letters once that happens. The import offers that were previously heard out of Turkey and Vietnam seem to have disappeared,” he said. “We have every expectation that if mills push out another price increase that the market will accept it.”