UNITED STATES March 09 2016 3:25 PM
NEW YORK (Scrap Register): US HR coil prices inched up by $1 to $402 a short ton during the week ended February 26, while major US stainless steel and steel scrap commodities prices on Scrap Register Price Index stayed stable.
According to TSI, HR coil prices in the US Midwest firmed a dollar on Tuesday as trading continued to take place around $400 a short ton, marking another week of price stability and fast becoming the status quo in a market lacking in future price direction.
Service center data released by the Metals Service Center Institute (MSCI) revealed January inventories were 20% lower y-o-y at 7.95 million short ton; at current shipping times this represented 2.6 months of supply – the lowest since June 2015.
The prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS remained flat on Scrap Register US Price Index during the week.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost unchanged on Scrap Register US Price Index during the week.