UNITED STATES December 14 2016 2:46 PM
NEW YORK (Scrap Register): US HR coil prices plunged by $30 a short ton to $510 a short ton FOB Midwest Mill during the week ended October 07, while major US steel scrap commodities prices on Scrap Register Price Index fell.
According to TSI, US HR coil prices decreased once again this week, as the index ended the week at $510 a short ton FOB Midwest Mill, $30 a short ton lower than previous week.
Some buyers voiced expectations of a further downtrend in the near future, citing a weak end-user market and a drop in the price of scrap going into October.
Delivery lead-times are also decreasing, with TSI’s lead-times indicator for HRC averaging at just above 3 weeks, indicating that mills have available capacities and they might find it difficult to push for price increases in the near future.
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.