Merchant bar quality (MBQ) steel prices in the United States' domestic market have dropped once again after mill cuts in mid-June, and market sentiment remains mostly bearish with some sources anticipating further reductions.
Nucor Corp, Bayou Steel Group and Gerdau Long Steel North America announced price reductions of $40 per short ton ($2 per hundredweight) effective Thursday June 13. Fastmarkets AMM's monthly assessment for domestic 2- x 2- x 1/4-in angle merchant bar was at a nearly 16-month low of $33.80 per hundredweight ($676 per ton) fob mill on Friday following the June mill cuts, down by 5.6% from $35.80 per cwt previously and off by 11.2% from $38.05 at the end of June 2018. The latest price is the lowest since it was assessed at $32.80 per cwt on March 2, 2018.Fastmarkets' assessment for imported merchant bar was at $650-670 per ton ($32.50 - 33.50 per cwt) delivered duty paid port of Houston,...