US domestic scrap expected to trend sideways for August buys

Monday, 04 August 2014 19:18:17 (GMT+3)   |   San Diego
       

July prices within the US domestic scrap market, which had prices within the Ohio Valley (Pittsburgh/Cleveland) area at approximately $360-$370/lt for HMS I/II, $390-$400/lt for shredded scrap and $420-$430/lt for busheling scrap are expected to hold sideways for August buys.  “The market is pretty boring right now,” according to one Midwest dealer. “Although some mills are coming into the market, others aren’t buying at all, which is keeping things pretty level.”  Flow into the yards is described as being decent, and sources close to SteelOrbis say there’s quite a bit of inventory to be had. Market players are, however, hopeful that now that the Warren Steel Holdings mill has reopened, this will help increase demand in the Ohio area.

Meanwhile, prices in the Philadelphia region are expected to hold stable at $365-$370/lt for shredded scrap and $390-$395/lt for busheling scrap, although dealer sources say prime grade scrap is not as easy to come by. P&S scrap is expected to settle at $350-$360/lt, while HMS I/II, which settled at $340-$350/lt for July, is likely to come down by approximately $10/lt.

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