US HRC prices climb to above $500 a short ton; US Steel Scrap prices edge up

NEW YORK (Scrap Register): US HR coil prices climbed to above $500 a short ton FOB Midwest Mill during the week ended November 25, while major US steel scrap commodities prices on Scrap Register Price Index edged up.
In what was a short week for US markets, the daily US HRC index rose $13 a short ton week-on-week to $508 a short ton FOB Midwest mill. 
The rises came earlier in the week to see the index climb above the $500 a short ton mark for the first time in just over a month (October 11, 2016). 
With the cost of raw materials rising or near 2016 highs, mills have justified increases to their coil list prices which amount to almost $100 a short ton in some instances. 
With steelmakers confident of further quotas/duties against steel imports and the president-elect’s plan to spend $550 billion on infrastructure projects, demand for domestically produced steel is expected to rise.
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.