United States hot rolled cold (HRC) steel weekly average prices continued to decline last week, while stainless steel scrap prices remained flat.
According to the Steel Index, US HRC prices shed another $8 a short ton to $472 a short ton during the week as Midwest buyers continued to obtain discounts in a quiet market.
Most of the reported trades were within the $470 to $480 a short ton range, although some bigger volume deals were done at the lower end or below.
US producers, trying to adjust to the low price environment, are responding with the production cuts. US Steel announced that it will temporary idle the second of two blast furnaces at its flat steel Granite City mill, thus completely stopping operations at the facility with a 2.8 million short tons per year steel-making capacity.
However, the prices of major stainless steel scrap commodities like 201 SS, 301 SS, 309 SS, 310 SS and 330 SS were unchanged on Scrap Register US Price Index during last week.