UNITED STATES October 12 2015 10:06 AM
NEW YORK (Scrap Register): United States Midwest HR coil prices slipped by $1 a short ton to $440 a short ton during the week ended September 25, as per the latest figures from the Steel Index.
The big news of the week was around trade cases and Tuesday's preliminary determination by the US International Trade Commission (ITC).
The ITC decided in favor of domestic steel producers which allow the cases determining whether seven countries were violating anti-dumping and countervailing duty laws to move forward to the Commerce Department.
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The market is hoping for a respite from imports in the next few months as these cases develop, however, without a strong end user market to help decrease inventories, prices will continue to come under pressure.
On the union negotiations side, United Steel Workers (USW) will be returning to Pittsburgh next week to resume talks with ArcelorMittal (AM) and US Steel (USS).
However, without a deal in place with the automakers, the market reports it will be unlikely for USS and AM to arrive at a deal. The lockout continues at Allegheny Technologies Inc.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)