The US domestic scrap market is actively trading and is expected to settle by Friday. Sources have informed SteelOrbis of sideways to potentially positive expectations on obsolete scrap grades such as shredded, P&S and HMS I depending on region. On the East coast, sources report strength on export demand.
In regards busheling scrap and prime scrap bundles, several large mills in the Northern Midwest regions successfully negotiated buys downward as expected, though, less aggressively than the $20/gt ($20/mt) some traders feared. Trades have been concluded at $10/gt ($10/mt) below the October settled prices. The decline on prime grades is attributed to an influx of Canadian scrap imports. Ohio prices were generally on par and only slightly higher in some circumstances than those in the Detroit region during the October scrap buy-cycle.