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.