As US scrap dealers and mills continue negotiations, it has come to the attention of SteelOrbis that some leading mills in the Detroit area (US Midwest) finalized February scrap deals and prices moved down $25/mt for heavy melt and shredded while prices moved down only $10/mt for busheling.
Last month, US Midwest prices were reported settled as follows on January 9: HMS I at $310-320/mt ($305-315/gt), shredded at $325-335/mt ($320-330/gt), busheling at $330-335/mt ($325-330/gt), and P&S at $310-315/mt ($305-310/gt).
As negotiations are ongoing and some large mills remain in the sidelines, SteelOrbis will publish settled prices per region once the major market players finalize deals and corresponding prices. In January, deals later in the buy-cycle pulled prices down from those established in the first few days of negotiations.
According to a source close to SteelOrbis, “Despite the downward swing from export pricing, dealers are communicating some firmness as they are considering the strong mill demand in light of supply constraints as prices for feedstock have also moved down.”