UNITED STATES May 03 2016 6:41 PM
NEW YORK (Scrap Register): US HR coil prices advanced by $6 a short ton week-on-week to $450 a short ton during the week ended April 08, while major US stainless steel and steel scrap commodities prices on Scrap Register Price Index stayed stable.
Surging scrap prices are helping US producers to push through further increases to their finished steel prices. NLMK USA announced this week a $40 a short ton hike to its sheet products prices effective immediately, quoting both strong demand and increasing raw materials costs.
Trading activity, however, was relatively quiet this week, and higher offers are yet to trickle down into the spot market. TSI’s US HRC index closed at $450 a short ton FOB Midwest Mill, gaining $6 a short ton from last Friday.
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.