UNITED STATES November 28 2016 6:54 PM
NEW YORK (Scrap Register): US HR coil prices declined further to $581 a short ton FOB Midwest Mill during the week ended September 09, while major US steel scrap commodities prices on Scrap Register Price Index stayed steady.
The US HR coil market dropped by $4 a short ton during the week to end at $581 a short ton FOB Midwest mill. The market is predominantly citing a weak end user market as the reason for the drop as well as additional imports that flooded the market in July.
The futures market is projecting a decrease in the cost of HRC in Q4, inspiring buyers to hold off until the price slides a little farther.
In the Houston market, service centers are decreasing inventory for the remainder of the year to avoid a tax that is charged for any remaining inventory on January 1 2017.
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.