June buy prices within the US domestic scrap markets have risen across the board, with prices coming up between $10-$50/mt depending on the region and the grade.
Southern markets are reported to be up $20/mt from levels seen in May, while some West Coast markets saw up $10/mt numbers month-on-month.
Prices on the US East Coast are up across the board, with HMS settling at $245/mt, shredded at $280-$285/mt, and P&S scrap at $260/mt. Pittsburgh/ Cleveland, Ohio Valley prices are now at $285-$300 for busheling scrap with shredded scrap being transacted at $295-$300 in certain regions for the current month.
Buyers are definitely looking for tons, according to sources, who said prices went up almost daily when the buys started taking place, as it seemed buyers were hungry to get enough scrap to meet their needs. Some mills that paid more seemed to be desperate to buy, according to another source. It’s believed those mills may have previously taken their scrap inventories too low for comfort, which helped spawn a flurry of activity.