US scrap prices in both the East Coast and Midwest regions have followed another downward trend this month, and many are wondering if the market has reached bottom, or if prices could decrease again in April. East Coast domestic prices for HMS I/II (Philadelphia), formerly at $355-$365/lt, are now being seen at approximately $330-$335/lt. Shredded
scrap prices in the same region have ticked down approximately $5/lt, to $365-$375/lt while prices for busheling have come down by approximately $10/lt to $380-$385/lt.
A similar trend has been seen in the Midwest (Pittsburgh/Cleveland) region, where prices have come down between $15-$20/lt, putting shredded
scrap prices at $385-$390/lt.
Scrap dealers believe that the stream of shredded
scrap from export yards has finally dried up, as those yards seem to have a renewed focus in pursuing offshore orders. At the same time, it’s still believed prices next month could be sideways to down, with some citing a belief that the market could drop by as much as $30/lt. The most widely speculated range, however, seems to be down $10-$15/lt, although it’s still too soon to make a final call.