HR: Falls $17/ton ($0.85/cwt) to $667 ($33.35)
CR: Falls $9/ton ($0.45/cwt) to $808 ($40.40)….Was $41.80 beginning of last year, so lower now by $1.40/cwt than start of last year
GV: Falls just $2/ton ($0.10/cwt) to $888 ($44.40)….Was $45.00 beginning of last year, so lower now by $0.60/cwt than start of last year
Market continues to slide week over week. However, producers have created a floor to stem the slide with a spate of recent increase announcements. Time will tell if there is enough discipline to hold firm on these announced increases. End users have been waiting to the other last minuets to place metal orders; subsequently purchasing only what is necessary for immediate needs. The mantra being no excess inventory at end users as well as distributors. My thoughts being an uptick in mill lead time or any supply disruption (weather, outage, etc.) will shore up the market pricing. Stay tuned.