US export
scrap prices off the East Coast have for the most part held neutral in the past week, with the most recent transactions to Turkish mills still trending in the approximate range of $374-$377/mt CFR for HMS I/II 80:20, $379-$381/mt CFR for shredded
scrap and $384-$389/mt CFR for bonus grade. Turkish mills, however, are pressuring export yards for lower prices, and it looks like that wish may be at least partially granted. At this point, SteelOrbis sources are predicting the June export price trend at “soft sideways”, with prices expected to trend down approximately $5-$10/mt. Bonus grade
scrap is expected to be the strongest heading into next month, while others believe that “soft sideways” for HMS I/II and shredded
scrap might be little more than wishful thinking due to greater weakness seen within those segments. Prices in the
US domestic market trended down as much as $10-$20/lt for May buys in some regions, and they too see a soft-sideways trend for June.