US HRC prices plummet to below $500 a short ton; US Steel Scrap prices stay flat

UNITED STATES December 27 2016 4:48 PM

NEW YORK (Scrap Register): US HR coil prices plunged by another $19 a short ton to $491 a short ton FOB Midwest Mill during the week ended October 14, while major US steel scrap commodities prices on Scrap Register Price Index stayed flat.

According to TSI, the daily US HRC index fell once more during the week to end $491 a short ton FOB Midwest Mill, mainly due to a persistently slower end-user market and a dip in scrap prices. 

US 10-day average shredded scrap price fell by $21 a long ton in October to $201 a long ton. 

However, there are some in the industry who are feeling bullish, as they point out low service center inventories will need to be topped up in the coming weeks and into 2017. 

They also noted that the recent rebound in Turkish scrap demand, coupled with an uptick in prices, could help to provide support to obsolete scrap prices in the US domestic market.

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.