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US HRC Steel fails to sustain spot price rise in November
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US HR coil failed to sustain a spot price rise despite list price increases from steel producers; TSI’s daily index rose briefly but fell back to $640 a short ton FOB Midwest Mill at the end of November.
Sheet prices in the US Midwest rose mid-November before dropping back in the run-up to Thanksgiving to the levels seen early on in the month. The month kicked off with both Nucor and ArcelorMittal reportedly joining other leading producers in announcing price increases. List prices were said to be around $660 a short ton though spot prices remained unmoved for the first ten days of November, close to $640 a short ton. Spot deals did eventually close at higher levels and TSI’s US Midwest index rose sharply, closing the second week at $650 a short ton FOB Mill. However, the wide availability of material impaired sellers’ ability to maintain higher prices as a number of deals concluded sub-$650 a short ton. Markets were quiet in the final week as Thanksgiving holidays approached, TSI’s daily index ending at $640 a short ton. |