Steel Price Updates – November, 2011
Scrap drop may not affect already lowered US plate pricing
The falling price of scrap may not lead to a further drop in the US price of plate, as the product has already steadily declined in price over the last six months.
The scrap benchmark price Nucor uses to set its raw material surcharge for longs and plate products dropped $30/long ton earlier this month. Nucor could raise its base price $30/short ton to offset the drop in the surcharge and keep prices flat.
Source: Steel Business Briefing
US scrap export prices to Turkey fall, but rise to the Far East
Turkish mills continue to pressure ex-US scrap prices lower, while scrap export prices from the US to the Far East are beginning to recover.
US buyers question recent domestic OCTG hike while import prices tumble
US domestic buyers of welded oil country tubular goods casing have been raising doubts over the effectiveness of recent price increases from domestic mills.
Source : Steel Orbis