US HRC Steel prices plummet to $430 a short ton; Stainless Steel Scrap prices stay flat

UNITED STATES October 19 2015 4:38 PM

NEW YORK (Scrap Register): US HR coil prices plummeted during the week ended October 02, while stainless steel scrap prices on Scrap Register Price Index stayed flat. 

According to The Steel Index, HR coil prices in the US Midwest fell by another $10 a short ton the week to close Friday at $430 a short ton FOB Mill. 

For Live US Scrap Stainless Steel Prices Log on to Scrap Register

After a prolonged period of stability, spot prices have fallen to near record lows in recent weeks, mirroring falls in international steel markets. 

Many participants remain acutely aware this is unlikely to be the end of the turmoil, at least until the price malaise in Asia comes to an end. 

In other news, the United Steel Workers union (USW) negotiations are ongoing with US Steel and Arcelor Mittal with the market claiming that production shut-downs are unlikely. 

A deal is not expected to be completed until other talks between USW and auto manufacturers are concluded.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)