UNITED KINGDOM March 13 2015 12:20 PM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices dropped by $5 a short ton last week, while stainless steel scrap prices remained unchanged.
According to The Steel Index, United States hot rolled cold (HRC) steel weekly average prices dropped by $5 a short ton week-on-week to $488 a short ton last week.
Plenty of chatter in the market of a price floor soon being reached but, that said, it seems mills are having to bear a little more pain with even lower bids and deals taking place, especially for larger volume orders.
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Tightness in domestic obsolete scrap supply may provide a boost for raw materials prices, however, and in turn a cost-push element to any steel price recovery efforts in the coming weeks.
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 firstname.lastname@example.org)