Purchasing activity within the US domestic scrap market trended mostly quiet through the close of last week, with only a very small number of transactions having taken place before the long holiday weekend. As such, buyers and sellers have found difficulty gauging the market based on such a small sampling.
Dealer sources in the South say they're hopeful prices will trend up $10/lt from transactions concluded throughout June, while yards in the Chicago area are pushing to settle prices for busheling and P&S scrap at up $10-$20/lt. At the same time, mills in that area seem to be good on inventory and mill buyers are holding their line at sideways to up $10/lt. Dealer sources in the Philadelphia area are reporting a similar trend, with sellers wanting to sell at levels higher than mills are wanting to pay; just before the holiday, it was a relative standoff situation in the Midwest, Ohio Valley, and many parts of the Northeast. It is also believed that mills will try to buy late in hopes of getting what they want, but since some areas are reporting limited availability of bundles and busheling scrap, prices for those grades are likely to trend higher.
But once everyone is back to work after the weekend, the dust will finally start to settle, but until then, pricing in the Pittsburgh / Cleveland area is still at $360-$370/lt for HMS I/II, $400-$410 for shredded scrap and $420-$430/lt for busheling; and the Philadelphia area, pricing is at $340-$350/lt for HMS I/II, $365-$370/lt for shredded scrap and to $385-$390/lt for busheling.