Bloomberg reported that steel prices in the US fell by 5% in November as demand slowed. The average price of hot rolled steel sheet, the benchmark product used in cars and appliances, dropped to USD 508 a ton from USD 535 in October. Cold rolled sheet decreased to USD 607 a ton from USD 630.

According to the American Iron & Steel Institute, the deepest US recession in seven decades has cut demand for the metal used in construction and manufacturing. Steel output in the US fell 41% this year through November 21st 2009. Average prices in October had risen 41% from a five year low in June as reduced output helped cut inventories.

Purchasing said that "Steel purchasing has gone back into hibernation this month. While service centers booked more orders than they shipped in November, end use buyers continued the sit on the wallet steel buying strategy that has been in play all year."

Sources from bloomberg.net

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