American CRC Price Surges on Strong Mill Regulation

PITTSBURGH (Scrap Monster): As sellers and buyers reported higher transaction and offers, the price of US cold rolled coil increased. It has been reported that price ranged between $810-820/st during Tuesday. One Midwest service centre source said that he has not heard of anyone saying below $800/st for cold rolled coil and coated products. He also said that mills continued to remain regulated and were doing very little negotiations.

The Steel Dynamics had opened its order book for June with cold rolled substrate and CRC price at $820/st, said sources from multiple buy-sides. However, hot rolled cold was priced at $700/st. According to one source, the domestic HRC prices were transacting within $680-690/st, but expected to hit $700/st mark.

It would take time to unwind the shortage situation of the Great Lakes and that was going to take us into June or July before that work itself become out, according to one buyer. A service center source said that the present supply tightness would begin to resolve by late May or first of June. He also added that it seems to an influx of foreign offers.