US base price falls reflect weaker market fundamentals. End-user demand is down from its latter 2006 peak. Combined with transaction prices being at heady levels due to the surcharge rises, apparent consumption is noticeably dampened. Distributors continue to de-stock, and as mills do not appear to have reduced output yet, mill depot stocks are plentiful and lead times remain short. In May US base prices further decreased, under the pressure of greater material availability, with discounts feeding through to mid-tier distributors and end-users. From their January peak of 83.25 dollars/cwt, base prices for cold-rolled (CR) 304 sheet have come down l dollar/cwt to 79 dollars/cwt in May. CR316 sheet has fallen by 2 dollars/cwt to 100.5 dollars/cwt in May.
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