After the nearly persistent decline in flat-rolled pricing through the first 10 months of 2015, buyers are waiting on the sidelines for the final possible drop after November scrap prices settle at the start of next month, market sources said Wednesday to Platts.
Platts maintained its daily hot-rolled and cold-rolled coil assessments at $390-$410/st and $520-$540/st, respectively. All prices are normalized to a Midwest (Indiana) ex-works basis.
Negative sentiment around November scrap pricing started to materialize last week, around two weeks ahead of the November buy week, with market sources believing prices could be down around $20/lt month on month.
A mill source said he had started to see original equipment manufacturers and service centers looking to get deals down for next year. He added that even though scrap prices are expected to drop again in November it is "hard to fathom" there is much more downside to sheet prices as mini-mills approach breakeven prices and integrated mills are losing money at current prices.
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