June 2012 | North American Steels
Price slide deepened into June: Flat Product Highlights
Sheet price decline accelerates as scrap prices plunge and supply remains excessive.
Following last month’s price retreat, flat product pricing continued to slide, picking up speed into June as scrap prices lost support as well. Flat product prices are down about $40/ton from last month, owing to excess supply amid modest demand growth. HR is now at $620/ton with CR around $725/ton and HDG at $830/ton. Steelmakers are hoping to stem the losses, using the idling of the RG Steel mills as a signal of tighter supply. Nevertheless, costs continue to decline. Obsolete scrap prices, which were down in May by $40/long ton from the start of the year, fell $50-55/long ton for June alone and there are indications that there is another $20/long ton cut in the offing. Prime scrap prices are down $60/long ton in June for a total decline of $140/long ton since January. The premium of prime scrap over shredded is down to about $5/long ton in June...
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