UNITED STATES May 19 2016 11:40 AM
NEW YORK (Scrap Register): US HR coil prices rose further to $520 a short ton during the week ended April 29, while major US stainless steel and steel scrap commodities prices on Scrap Register Price Index continued to remain flat.
According to TSI, the weekly average of daily US HR coil index closed above the $500 a short ton mark for the first time since late February 2015. The daily benchmark price surged on Monday to $520 a short ton FOB Mill, where it held steady for the remainder of the week.
There was strong buying interest around this level, with latest offer levels at least $10 a short ton higher for new orders. TSI’s weekly delivery lead-time average also strengthened to 5.8 weeks from order.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost flat on Scrap Register US Price Index during the week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)