Numerous scrap market players have confirmed that a Detroit-area mill has announced their March pricing at down $70/gt on primes, down $50/gt on shred, and down $40/gt on P&S.
Although most other mills have yet to announce, those announcements are expected to come before end-of-business on Thursday.
It should also be remembered that mills’ initial announcements aren’t always where the market lands. For example, in January, multiple mills attempted to take the Midwest market down by $50/gt on primes, but the market ultimately settled at down $30/gt. On the other hand, there have also been numerous buy cycles where mills’ announced prices are where the market settled.
Additional information is expected to be available later this week.