UNITED STATES January 16 2015 4:36 PM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices dropped to below $600 a short ton mark in the week ended January 09, as per The Steel Index.
The HRC prices breached the $600 a short ton floor on last Friday as the recent price declines show no signs of abating.
Participants noted an overhang of supply as a consequence of an “abrupt slowdown” in certain steel-using sectors.
Delivery lead-times also dipped to 3.9 weeks from order today with spot business concluding as low as $580 a short ton (US$29/cwt) but more commonly changing hands at $600 a short ton mark (US$30/cwt).
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn