Flat-rolled steel market still under the weather

Oct 11, 2012 | 02:55 PM | Anne Riley

Tags  steel sheet, sheet prices, turnaround, scrap, Anne Riley

NEW YORK — U.S. steel sheet prices have fallen below the symbolic $600-per-ton mark, but a turnaround could be in store by the end of the month as mills likely will attempt to put an end to the recent backslide, service center sources said.

Hot-rolled coil prices, which hit 2012 highs of $750 per ton ($37.50 per hundredweight) during the first quarter, fell this week to an average of $580 per ton ($29 per cwt) f.o.b. Midwest mill. Buyers placing small orders in recent days were still being quoted numbers as high as $590 per ton ($29.50 per cwt), while those with large-volume requirements were said to be garnering offers closer to the $560-per-ton ($28-per-cwt) level.....

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