UNITED STATES May 29 2015 2:45 PM
NEW YORK (Scrap Register): United States hot rolled cold (HRC) steel average prices advanced during last week, while steel scrap prices on Scrap Register Price Index continued to remain flat.
US HRC steel weekly average prices advanced by $7 a short ton week-on-week to $454 a short ton FOB Midwest mill in the week ended May 15, as per latest figures from The Steel Index.
US Midwest HR coil prices rose strongly during last week for the first time this year as the recent price hike announcement began taking effect in the market.
A number of trades concluded between $450-460 a short ton FOB Mill with larger tonnages still well offered below $460 a short ton levels.
Latest service centre data released by MSCI showed only a marginal month-on-month fall in inventories for April.
However, inventory levels remain +10% higher on a year-on-year basis. Participants noted further inventory may need to be worked through the supply chain before significant price rises take effect.
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 email@example.com)