UNITED STATES November 01 2016 6:03 PM
NEW YORK (Scrap Register): US HR coil prices dropped by $11 a short ton to $610 a short ton FOB Midwest Mill during the week ended August 12, while major US steel scrap commodities prices on Scrap Register Price Index remained steady.
US Midwest HR coil prices slipped a further 1.8% week-on-week to finish at $610 short ton. Trade continues to remain slow as spot prices abate with average delivery lead-times also falling to 4 weeks from order.
HR coil prices are, however, 30% higher than this time one-year ago and with obsolete scrap largely flat over the same period, EAF-based flat-rolled steel producers will have enjoyed much improved margins, in the absence of a significant hike in other variable costs.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost flat on Scrap Register US Price Index during the week.
