UNITED STATES December 12 2014 9:45 AM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) average steel prices dropped significantly by $17 a short ton week-on-week to $623 a short ton in the week ended December 05, as per The Steel Index.
According to TSI, HRC steel prices index crashed $10 a short ton on Friday to $623 a short ton after a spate of trades reported late in the week were substantially lower than previously concluded deals.
Delivery leadtimes were stable around the 4.5 week mark (from order). Despite the bearishness, there remain rumours in some circles of an imminent price increase announcement.
If successful, this would “stop the rot” and put steel producers in a much better position ahead of Q1 contract negotiations.