US HRC prices rise sharply to $548 a short ton; US Steel Scrap prices stay flat

UNITED STATES May 31 2016 5:47 PM

NEW YORK (Scrap Register): US HR coil prices rose sharply to $548 a short ton during the week ended May 06, while major US steel scrap commodities prices on Scrap Register Price Index stayed flat.

Spot HR coil prices in the US Midwest continued to rise and ended the week at $548 a short ton FOB Mill. Both AK Steel and ArcelorMittal announced another round of list price increases with the position of domestic mills bolstered by the recently implemented trade cases.

Participants noted that with scrap prices up between $30- 40 a long ton month-on-month, extending delivery lead-times and lower steel service center inventories all warranted further price rises in the near-term.

However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost flat on Scrap Register US Price Index during the week.