Merchant bar quality (MBQ) steel prices in the United States have receded after late-April's mill cuts, while market sentiment overall remains weak for much of the country.
Fastmarkets AMM assessed domestic 2- x 2- x 1/4-in angle merchant bar at a 12-month low of $35.80 per hundredweight ($716 per short ton) fob mill on Friday May 31, down by 3.4% from $37.05 per cwt previously and off by 5.9% from $38.05 per cwt in late-June of last year. The price was last assessed below this level on March 30, 2018, at $34.80 per cwt.Fastmarkets' assessment for imported merchant bar was steady at $730-740 per ton delivered duty paid port of Houston on the same date due to a lack of fresh offers reported by market participants.US market pressured by importsSources told Fastmarkets AMM that much of the domestic market is still facing pricing headwinds, which could become more pronounced with the removal of the Section 232 tariffs against steel imports from Canada and Mexico. Weak demand and growing mill...