UNITED STATES September 11 2015 3:18 PM
NEW YORK (Scrap Register): US HR coil prices plummeted during the week ended August 28, while stainless steel scrap prices on Scrap Register Price Index stayed flat.
According to TSI, US HRC index dropped $12 a short ton from last Friday to end the week at $454 short ton FOB Midwest mill.
In addition to the macroeconomic factors, including the devaluation of the Yuan and the slowed growth in China, the market has been affected by short leadtimes and low scrap prices.
No new contracts have yet been announced between the labor unions and US Steel and ArcelorMittal and market participants are watching to see how it will influence the market.
Some say negotiations will extend for a few more months, with workers continuing to work outside of a contract.
However, the prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS stayed flat on Scrap Register US Price Index during the week.