Just two weeks ago there was much speculation as to how the proverbial dust would settle within the US domestic scrap market, but now that mills have made their July buys, the final numbers are clearer.
Things have mostly held on par with levels seen last month, say sources close to SteelOrbis, with East Coast Philadelphia prices holding at approximately $340-$350/lt for HMS I/II and $365-$370/lt for shredded scrap. Busheling scrap in that region, however, is not as readily available this month, which has brought prices up by approximately $5/lt to $390-$395/lt.
In terms of the Ohio Valley (Pittsburgh/Cleveland) area, HMS I/II has held at approximately $360-$370/lt, although shredded scrap prices trended downward by approximately $10/lt to $390-$400/lt. Busheling scrap prices have held at $420-$430/lt, unchanged since last month. “The market seems to be in balance,” according to sources, “and for the month of July at least, it doesn’t look like domestic mills will need to turn to export yards to buy additional tons.”