US HRC Steel prices decline further to $591 a short ton

UNITED STATES January 22 2015 3:33 PMTweet 
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices declined further by $7 a short ton week-on-week to $591 a short ton in the week ended January 02, as per The Steel Index.

US Midwest index fell heavily earlier on in the week as steel producers assess their options in a market seemingly struggling to deal with an oversupply of material.

Buyers reported a sharp downturn in purchasing activity as the fallout from the collapse in oil prices becomes apparent.

The knock-on effect on steel has led to, for example, pipe producers retreating to the side-lines and a halt in oil tanker production. Other sectors continue to perform admirably and may support overall market demand.

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Prices for major steel and stainless scrap commodities in United States remained unchanged on Scrap Register Price Index as on Thursday.