UNITED STATES November 18 2015 11:48 AM
NEW YORK (Scrap Register): United States HRC steel prices declined by $6 a short ton to $392 a short ton during the week ended November 06, while major US steel and stainless scrap commodities prices on Scrap Register Price Index showed an almost flat trend.
After days of price stability, the daily US HR coil index slipped a dollar on last Friday to end the week at $392 a short ton FOB Midwest Mill, reported the Steel Index.
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Market sources say they expect spot prices to continue falling for the remainder of the year until there is further progress and clarity on recently filed trade cases against unfair import activity.
Labor talks between US Steel, ArcelorMittal and the United Steel Workers union (USW) are still on-going with all parties hopeful of a resolution before trade cases take effect.
In a move to help their cause, USW joined representatives from 17 other steel producing unions to rally against imports from China this week calling their trading practices “unfair and illegal.”
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.
The prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost flat trend on Scrap Register US Price Index during the week.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)