US domestic scrap settles up for some grades in the East coast

The July domestic scrap buy-cycle was initially expected to have a soft-sideways trend, but as increases in domestic steel product prices were adopted and Turkish import scrap prices increased in late June, expectations for scrap pricing shifted to strong-sideways with the potential for an increase in prices for some grades.

As of the end of this week, export demand along with “better than expected domestic outlook for mills in the region” has pushed prices of shredded scrap and HMS I scrap into an upward trend. Despite the wide spread between shredded and busheling prices, prime grades were able to maintain their pricing.

The East coast scrap markets settled as follows:

* Top number denotes change from the bottom of the previous range and bottom number denotes change from the top of the previous range.