UNITED STATES September 09 2016 10:43 AM
NEW YORK (Scrap Register): US HR coil prices down by $2 a short ton to $620 a short ton during the week ended June 24, while major US steel scrap commodities prices on Scrap Register Price Index continued to remain steady.
According to TSI, US Midwest HR coil index fell a dollar to $626 a short ton FOB Mill as market participants continue to debate the direction spot prices will take as we head into the summer.
Early (preliminary) July import data suggested a slight month-on-month rebound is on the cards despite the threat of further trade cases.
Meanwhile, delivery lead-times have fallen to an average of 5 week from order from recent highs. MSCI data showed June inventory levels fell 16.5% year-on-year to 7.64 million short tons.
This represented 2.3 months of supply, also lower y-o-y. With the continued threat of lower priced steel internationally, many expect prices to soften in the near-term.
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.