US Stainless Steel Scrap prices continue to remain flat; US HRC Steel prices up

NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices advanced by $4 a short ton last week, while stainless steel scrap prices continue to remain unchanged.

According to The Steel Index, United States hot rolled cold (HRC) steel weekly average prices rose by $4 a short ton week-on-week to $492 a short ton last week.

Amid speculation that prices maybe nearing the bottom, US HRC market activity showed signs of revival. A pick-up in the number of recorded transactions, together with sellers’ reports of an increased level of incoming enquiries, point to active restocking by the Midwest buyers.

Producers reacted to the prolonged decline in prices by making output cuts – AISI reported that US mills’ capacity utilisation fell below 70% for the first time since November 2012 – which could provide long-needed support to domestic US prices.

US HRC index showed only limited movements during the week, staying just above the $490 a short ton mark.

The prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS were unchanged on Scrap Register US Price Index during last week.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)