United States HRC steel prices declined by another $14 a short ton to $364 a short ton during the week ended November 27, while major US stainless scrap commodities prices on Scrap Register Price Index showed a down trend and steel scrap commodities remained almost flat.
According to TSI, US HR coil steel prices continued to tumble to new multiple-year lows, with the daily index falling to $364 a short ton FOB Midwest Mill.
Spot prices are fast approaching levels last seen over a decade ago, with weak demand the chief cause of misery for sellers.
According to market participants it has taken longer for finished steel inventories in the supply chain to work through, exacerbating the issue of poor mill order books.
The shorter week in the US with the Thanksgiving holiday meant trade was subdued; transactions concluded earlier in the week were in the $360-370 a short ton range.
The prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS showed a down trend on Scrap Register US Price Index during the week.
However, the prices of major steel scrap commodities like #1 HMS, #1/#2 HMS 80/20 and steel casting also reported almost flat trend on Scrap Register US Price Index during the week.
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