US HRC Steel prices drop further to $539 a short ton

UNITED STATES February 16 2015 9:30 AMTweet
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices drop further by $15 a short ton week-on-week to $539 a short ton in the week ended February 06, as per The Steel Index.

A softer fall in HR coil prices the week, but a fall nonetheless. Activity still remains sparse but largely as a result of strong inventories at service centre level.

Until a concerted effort is made to reduce these, buyers will refuse to accept current price levels as the nadir.

The HR coil price collapse coupled with low iron ore and oil prices has caused a bloodbath in domestic scrap markets - prices down $90 a long ton in the space of four weeks.