Free Cold Rolled Coil Pricing Trend and Forecast New York
- Location: New York, New York, NY
In the first quarter of 2023, the US Cold Rolled Coil Prices saw an unprecedented surge in prices as mills attempted to push prices up due to a tight market and longer lead times. Supply constraints were exacerbated by planned outages and failed mill ramp-ups, prompting steelmakers to take command of output levels. Steelmakers tightened their grip on production levels, dropping capacity utilization rates below 80%. However, demand dynamics remained at a lower level despite rising prices, making buyers hesitant to make forward purchases. The market reacted sluggishly to the price hike announcement, and spot inquiries dwindled as buyers attempted to determine whether a peak had been reached. CRC lead times reached an all-time high at the end of March, but the increased lead times did not appear to increase demand or allow mills to reserve more expensive spot tonnes. As a result, buyers continued to assess their order books and limit contract purchases to manage their inventories as the price cycle continued downward. As a ripple effect, the CR Coil (1 mm) prices for Ex Midwest are assessed at USD 1230/MT.
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