by Vibin Antony of Scrap Register
UNITED STATES October 06 2016 12:20 PM
NEW YORK (Scrap Register): US HR coil prices gained by $2 a short ton to $621 a short ton FOB Midwest Mill during the week ended August 05, while major US steel scrap commodities prices on Scrap Register Price Index stay stable.
According to the Steel Index, there has been a slowdown in purchases due to summer vacations and also a perceived peak level in pricing.
Many in the market forecast a drop in the price of US HRC coming in September, citing imports as the main cause.
Mills have reportedly been open to negotiating prices more than previously, however lower capacity utilization rates and ongoing trade cases continue to provide support to the current price level.
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.