UNITED STATES May 20 2015 9:36 AM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel weekly average prices edged up in the week ended May 08, while steel scrap prices on Scrap Register Price Index stayed flat.
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 the week.
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US HRC steel weekly average prices advanced by $2 a short ton week-on-week to $447 a short ton FOB Midwest mill in the week ended May 08, as per The Steel Index.
US HRC steel weekly average prices advanced with some transactions completed higher later on in the week.
Whilst the market reaction to last week’s price hikes has been broadly positive, the impact on transactions has been limited.
Deals in the coming weeks will confirm the strength of the price hike as buyers and sellers emerge from their negotiations. For now, price stability prevails.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)