As recently as late last week, scrap market sources throughout the US were in agreement that December scrap prices were likely to firm above November settled levels, but the big question was “by how much.”
Although some believed that prices would trend at strong sideways, others felt that some grades had the potential to settle up by $30-$40/gt depending on the region.
As of this morning, several mills have come out with their December pricing. A Detroit-area mill has announced at up $50/gt on primes, up $50/gt on shred, and up $30/gt on P&S, whereas a mill in the Southeast came out at up $40/gt on shred and up $30/gt on cuts.
A source in the Northeast said a mill in his region announced at up $30/gt on cuts and shred and up $50/gt on busheling.
Settled prices are not expected to emerge until later in the week.