Sources inform SteelOrbis that the Central region of the US settled strong sideways in the May buy-cycle compared to April settled prices with HMS I scrap at $249/mt ($245/gt), shredded scrap at $284/mt ($280/gt), P&S scrap at $259/mt ($255/gt), and prime grade scrap such as busheling and #1 bundles at $330/mt ($325/gt), all prices delivered to customer.
A source noted that scrap flows seem to be in balance with demand across all grades except busheling. Some mills are still searching for prime grades for May delivery, but at prevailing prices. Sources also report most scrap was sourced within the region with limited springboard purchases. Although US mill capacity utilization is still relatively high, up to 75 percent at some mills, sources say mills are tightly managing risk and are unwilling to increase prices of busheling at the moment.
Additionally, the flooding heard in some parts of the region is not expected to seriously affect ferrous scrap deliveries, as several mills requested delivery later in the month.