Transaction prices within the US domestic scrap market settled down across the board for August buys, with most regions noting their respective markets settled down approximately $20/mt from levels seen in July. US East Coast Philadelphia prices for HMS I/II settled at approximately $195-$200/mt while shredded scrap prices settled at approximately $230/mt.
Some sources within this region, however, seem to be more optimistic about the possibility for price firming than scrap yard sources within other areas of the country. The East Coast sentiment largely relates to the recent uptrend seen in US export scrap prices to Turkey, especially since scrap intake levels into US East Coast yards are down by as much as 50 percent. Some believe that certain US exporters’ inventory levels may be trending tight and that export yards will need to participate in a flurry of buying as a means of meeting tonnage commitments.