US HRC Steel prices edge up to $455 a short ton; US Steel Scrap prices remain steady

UNITED STATES May 08 2015 9:15 AM

NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices edged up during last week,  while steel scrap prices on Scrap Register Price Index continued to remain flat.

US HRC steel weekly average prices edged up by $1 a short ton week-on-week to $455 a short ton FOB Midwest mill in the week ended May 01, as per The Steel Index.

It seems that could be about to change, however, due to the reported increase of $20 a short ton from a number of steel producers.

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Market sentiment amongst participants seems to be that such a rise would be a welcome opportunity for both buyers and sellers to boost sales revenue and turn over inventory.

Reasons cited for the increase include a decrease in inventory according to recent MSCI data, lower imports according to the Department of Commerce, and reduced capacity utilisation rates due to recent mill shut downs.

The market is currently watching for looming trade cases which could close the door for many importers, supporting a potential price increase.

However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting were steady 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)