UNITED STATES November 09 2016 4:17 PM
NEW YORK (Scrap Register): US HR coil prices plunged to $600 a short ton FOB Midwest Mill during the week ended August 19, while major US steel scrap commodities prices on Scrap Register Price Index stayed steady.
According to TSI, US Midwest HRC index lost $14 a short ton during the week, closing at $596 a short ton. Well-stocked service centers were in no rush to conclude new deals, and were able to gain discounts in a generally quiet market.
As mills’ delivery lead-times slipped to an average of 3.5 weeks, the lowest level seen since January, it seems that producers have capacities they need to fill.
However, many in the market are looking at a number of upcoming planned production outages, expecting that this might limit any potential price falls.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting showed an almost flat trend on Scrap Register US Price Index during the week.