US East Coast scrap trading down more than expected

Friday, 03 June 2016 23:13:48 (GMT+3)   |   San Diego
       

Last week, SteelOrbis reported that it was expected that US East coast HMS and shredded scrap prices would trend down between $30-$51/mt ($30-$50/gt) during the June buy cycle, with the predominant consensus putting the market at down $30/mt ($30/gt).

Now that scrap has started trading, that expectation has quickly shifted.

At current, East coast HMS scrap pricing is being heard at down $46/mt -$55/mt  ($45/gt to $54/gt) from levels reported in May, when HMS scrap settled at $264/mt ($260/gt). Shredded scrap prices in this region are currently being heard at down $41/mt -$51/mt  ($40/gt to $50/gt) from levels reported in May, when shredded scrap settled at $295-$300/mt ($290-$295/gt.

East coast scrap prices are expected to settle early next week.

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