Weak spot demand in the United States continued to weigh on the grade 5-5-3 delivered price, which fell to $0.91-94 per lb. The monthly spot price had fleetingly stabilized in November at $0.96-1.02 per lb.
Buyers remain well supplied with annual contract material priced below spot rates, while some are still using 2019 contracted supply.
Some domestic producers are said to be further cutting their prices to compete with cheap imports, although others are said to have set a floor on contract and spot business of $1 per lb.
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