US HRC prices remain flat; US Steel Scrap prices stay stable

UNITED STATES June 29 2016 6:03 PM     

NEW YORK (Scrap Register): US HR  coil prices remained flat at $622 a short ton during the week ended June 17,  while major US steel scrap commodities prices on Scrap Register Price Index  stayed stable.

Overall sentiment in steel markets was tilting towards  bearish, if comments from the Steel Week in New York were anything to go by.  Indeed, many participants expressed the view that prices were near a peak and  despite mill attempts at another price hike, few believe it will be accepted by  the market.

The  cause of much of bearishness was the concern that US Midwest prices were  significantly decoupled from international coil prices – at record levels, in  fact.

The bulls pointed to a plethora of trade cases protecting domestic  steel markets and maintained the view that end-user demand was equally  sound.

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.