UNITED STATES May 18 2016 5:01 PM
NEW YORK (Scrap Register): US HR coil prices jumped to above $500 a short ton during the week ended April 22, while major US stainless steel and steel scrap commodities prices on Scrap Register Price Index stayed flat.
According to TSI, US HRC prices surged $26 a short ton during the week to $504 a short ton, with higher price levels supported by strong purchase activity.
With rapidly changing prices, AK and US Steel both moved to raise list prices between $40-50 a short ton, following on from a similar announcement by NLMK.
Despite recent trade cases, some participants remain wary of a surge in imports if flat steel prices in the Midwest significantly decouple from international HRC prices.
However, other participants expect strength in domestic prices to continue after Mark Millet (Steel Dynamics CEO) testified in front of Congress earlier this month on the need to implement further safeguards against unfair imports.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost stable on Scrap Register US Price Index during the week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)