US domestic scrap – Ohio and Detroit settled mostly sideways

According to sources, scrap settled mostly sideways in the Ohio and Detroit regions except for prime grade pricing, which encountered up to a $10/mt increase on tight supply and high demand. Additionally, in Northern Ohio, the bottom of the range for shredded scrap declined by $5/mt in a few reported deals.

A source noted that cut grades such as P&S and HMS I are on tight supply and mills may begin to order additional shredded scrap over the next week to “fill in” their scrap needs. Despite a slight overhang in the supply of shredded scrap, the anticipated replacement demand at mills throughout July and limited availability of scrap from East coast exporters buoyed shredded scrap pricing inland.

*Top number denotes change from the bottom of the previous month’s range and bottom number denotes change from the top of the previous month’s range. The Detroit region was not specifically reported by SteelOrbis in June. Change information provided by sources.