May buy-prices within the US domestic scrap market trended strong sideways in most places and sources close to SteelOrbis say they’re hopeful to maintain that trend into June.
Sources in the Chicago region say they’re optimistic going into next month’s buys and believe the market could settle up $10/lt from May, which had prices at $220-$225/lt for HMS I/II and $240-$245/lt for busheling scrap.
Prices in the Pittsburgh/ Cleveland are also expected to hold sideways, if not slightly up from May, which had prices at $230-$240/lt for HMS I/II and $260-$265/lt for P&S scrap.
In the south, it’s believed that prices for HMS I/II could reach $270/lt while shredded scrap could transact at $280/lt. East Coast sources say there seem to be plenty of scrap available in the Philadelphia region, but that mills in that area may have enough inventory that they don’t need to buy heavy.