US HRC prices gain to $414 a short ton; US Stainless Steel, Steel Scrap prices show flat trend

UNITED STATES April 06 2016 3:03 PM

NEW YORK (Scrap Register): US HR coil prices gained to $414 a short ton during the week ended March 18, while major US stainless steel and steel scrap commodities prices on Scrap Register Price Index showed a flat trend.

According to TSI, HRC prices in the US Midwest strengthened a further $5 a short ton to finish the week at $414 a shot ton FOB Mill.

Comments on the sidelines of Platts’ Steel Markets North America event suggest that price expectations are bullish amongst market participants.

The upbeat sentiment was driven by the recent HRC trade cases taking effect but also the surge in both raw materials and finished steel spot prices seen in Asian markets, diminishing the threat of imports. With scrap prices in Turkey equally rampant, even higher domestic scrap and steel prices remain a distinct possibility.

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.