UNITED STATES March 02 2015 11:45 AM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices continued to decline by $11 a short ton week-on-week to $515 a short ton in the week ended February 20, as per The Steel Index.
The daily prices took another leg down on Friday, falling $5 a short ton to $515 short ton and in the process, setting another new four-year low.
There was an acute slowdown in purchasing activity the week which coincided with the news that steel service centre inventories are at a six-year high, according to MSCI report.
Of those who concluded deals, larger volume buyers placed orders at sub-500 levels, indicative of mill desperation to secure volumes at perilously low price levels.
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The prices of major steel and stainless steel scrap commodities were unchanged on Scrap Register US Price Index last week.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)