UNITED STATES March 06 2015 3:10 PM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices plummeted by $22 a short ton week-on-week to $493 a short ton in the week ended February 27, as per The Steel Index.
A service center source mentioned they were no longer bidding for material owing to high inventories which are expected to last into May, possibly June.
It is a similar story with many traders having retreated from buying imports given the heightened risk of reselling material into a weak domestic market experiencing falling prices. On the other hand, one mill executive reiterated his view that the market was close to a trough.
The prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS 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 email@example.com)