NUE - U.S. hot rolled coll prices fall demand muted - Argus

U.S. hot rolled coil prices fell for the seventh straight week, Argus reported Tuesday, citing the ripple effect of Amazon's warehouse construction cutbacks as well as continuing negative sentiment. Argus said its weekly U.S. HRC Midwest assessment fell by $65.25/st to $1,184.25/st, while the southern assessment fell by $68.75/st to the same level; HRC prices have now tumbled 21% since hitting an April peak of $1,500/st. "Buyers continued to act conservatively, refusing to put inquiries in front of steel mills to avoid committing to purchasing tons," Argus reported. Some service centers said their months of inventory have increased somewhat as demand begins to slow slightly, which is attributed mostly to systems for Amazon warehouses, where investments and backlogs are shrinking. Potentially relevant tickers include (NYSEARCA:SLX), (NYSE:X), (NYSE:CLF), (NUE), (MT) "While the market remains confused, we are about to see a record year for cash flow" for Cleveland-Cliffs (CLF), Quad 7

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U.S. hot rolled coll prices fall, demand muted - Argus