Have scrap prices in the US Ohio Valley bottomed out?

Friday, 11 October 2019 20:04:17 (GMT+3)   |   San Diego
       

Scrap prices in the US settled downward significantly this month, and market players throughout the US are hopeful that prices have reached their floor.

“Everything was down this month,” a source said. “At this point, flows into the yards are down by 25%, if not more, and this is causing some concern.”

Another source agreed.

“Yards in the US seem to think the latest domestic settlements are the floor and expecting higher prices for November. But anyone’s guess is as good as mine whether this will materialize,” he added.

On the other hand, sources in the Pittsburgh area have indicated that conversations they’ve had with mills indicate otherwise. “Demand for finished steel isn’t great. Spot market prices are down substantially from where they were when we started the year. Yes, scrap intake at the yards is down a bit, but based on mills’ needs, it’s still too soon to know whether this is going to effect the supply chain enough to spur an increase next month.”

Ohio/Pennsylvania  October September Change
Product
HMS I $193/mt $224-229/mt down $31/mt
$190/gt $220-225/gt down $30/gt
Shredded $218-$224/mt $249-251/mt down $31/mt
$215-$220/gt $245-247/gt down $30/gt
Busheling $229-$234/mt $264-269/mt down $35/mt
$225-$230/gt $260-265/gt down $35/gt
P&S  $208-$213/mt $249-254/mt down $41/mt
$205-$210/gt $245-250/gt down $40/gt

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