UNITED STATES November 16 2015 2:38 PM
NEW YORK (Scrap Register): United States HRC steel prices continued to decline sharply during the week ended October 30, while major US aluminum scrap commodities prices on Scrap Register Price Index stayed stable.
According to The Steel Index, US HR Coil prices fell below the $400 a short ton floor FOB Midwest Mill for the first time since June 2009. TSI’s daily spot index closed at $398 a short ton on Friday after another week of scarce trading activity.
Service centers noted there was no real incentive to place larger volume orders with end-user demand flagging.
However, automotive demand continues to be one bright spot for those in the steel supply chain and there was some good news this week for the sector as OEM’s GM, Fiat and Chrysler all agreed preliminary deals with the United Steel Workers union (USW).
USW is expected to turn its focus to talks with steelmakers – likely to prove challenging given the current state of the steel industry.
However, the scrap prices of 356 Auto Wheels, 5052 Alum Clip, 6061 Alum Extrusion, 6063 10-10 Extrusion, Al/Cu Rad with Iron, Al/Cu Radiator, Alum Breakage 50%, Alum Litho Sheets, Alum Old Sheet traded almost flat during the week.