US HRC Steel prices plummet; Stainless Steel scrap prices stay flat

UNITED STATES September 11 2015 3:18 PM     

NEW YORK (Scrap Register): US HR  coil prices plummeted during the week ended August 28, while stainless steel  scrap prices on Scrap Register Price Index stayed flat.

According to TSI,  US HRC index dropped $12 a short ton from last Friday to end the week at $454  short ton FOB Midwest mill.

In  addition to the macroeconomic factors, including the devaluation of the Yuan and  the slowed growth in China, the market has been affected by short leadtimes and  low scrap prices.

No new contracts have yet been announced between the  labor unions and US Steel and ArcelorMittal and market participants are watching  to see how it will influence the market. 

Some say negotiations will  extend for a few more months, with workers continuing to work outside of a  contract.

However, the prices of major stainless steel scrap commodities  like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS stayed flat on Scrap Register US  Price Index during the week.